Gibroc – a joint venture between Melbourne’s wealthy Gibson and Roche families – is selling a brand new medical investment in Melbourne’s north.
The Mill Park asset is expected to trade for more than $7.8 million.
Leased for 15 years to Melbourne Health, a subsidiary of the Royal Melbourne Hospital, 14D Oleander Drive includes a double storey building with 1188 square metres of lettable area.
On a 1380 square metre block, the asset also offers 22 car parks.
Melbourne Health pays annual rent of $422,155 plus GST and outgoings.
The brokers said the investment offers significant depreciation benefits and is exempt from land tax.
Within the South Morang Activity centre, 14D Oleander Drive is close to Westfield Plenty Valley Shopping Centre and South Morang train station, the agents said. The Metropolitan Ring Road is also in the vicinity off Plenty Road.
Last October, we reported that Gibroc sold seven retail assets at the ground floor of the Olea apartment project taking shape at 54 Oleander Drive, Mill Park.
In May we reported that Charlie Buxton’s Cadence Property Group, on behalf of a group of private investors, sold two adjoining Mill Park industrial properties for $15.25 million after buying them for $7.1 million 11 months earlier.