Gibson and Roche families sell Mill Park medical centre for $9.045 million

Melbourne’s wealthy Gibson and Roche families have sold a new Mill Park medical centre for $9.045 million.

About 18 kilometres north of town, 14D Oleander Drive traded within 48 hours of the agents closing an expressions of interest campaign.

The sale price was 16 per cent more than what was expected ($7.8 million) when the asset was listed two months ago.

The investment at 14D Oleander Drive, Mill Park, sold on an unconditional basis for $9.045 million 48 hours after agents closed an expressions of interest campaign.

Leased to Royal Melbourne Hospital subsidiary Melbourne Health for 15 years, the asset attracted 15 offers from 24 inspections.

Knight Frank’s Tom Ryan and Tim Grant with Gorman Commercial’s Jonathon McCormack and Andrew Prowse fielded 230 enquiries.

The 1188 square metre double storey facility occupies a 1380 square metre block with 22 car parks.

Melbourne Health pays annual rent of $422,155 plus outgoings, and Goods and Services Tax, on a lease expiring in 15 years.

The complex was developed and sold by Gibroc – a joint venture between the two families.

Last year, we reported that the vendors sold seven retail assets at the ground floor of the Olea apartment project at nearby 54 Oleander Drive.

Five months ago, we reported that Charlie Buxton’s Cadence Property group sold two neighbouring Mill Park industrial properties for $15.25 million – a substantial rise on the $7.1 million he acquired them for in mid-2018.

Melbourne Health’s has a 15 year lease with two five year renewal options at 14D Oleander Drive, Mill Park.

Share or Recommend article

Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
error: Content is protected !!