A central Glen Waverley medical centre with development upside has sold for a price speculated to be well in excess of its $5.5 million guide.
Waverley Medical Centre, on a 1504 square metre plot at 242-244 Springvale Road, traded four days after Ray White Commercial Glen Waverley closed an expressions of interest campaign.
The property has high underlying land value – 250 metres from the Glen Waverley train station and opposite The Glen shopping centre – within a pocket of Glen Waverley which could make way for a four-storey structure.
A 613 sqm building, licensed for six medical practitioners is surrounded by a 22-bay car park.
About 19 kilometres south east of the Melbourne CBD, Waverley Medical Centre has operated at the site for 30 years.
The occupier is currently into a five-year lease expiring in 2022: the current annual rental return is $297,052, with 3 per cent annual increases.
As well as investors, brokers Ryan Trickey and Bens Ainsworth marketed 242-244 Springvale Road to land bankers and developers.
Last July, Jeff Xu’s Golden Age Group and Vicinity Centres launched plans for Australia’s largest air-rights development: a $450 million mixed-use but apartment-based village atop The Glen shopping centre.
Nine months ago we reported that fund manager EG outlaid $33.3 million for a low-rise industrial property on a 3.1 hectare site less than a kilometre away from the Glen Waverley train station.
EG said this site has “significant potential” to be re-positioned, possibly for residential use.
Last week we reported that Victoria’s most substantial medical opportunity in four years hit the market: Dr Leon Shapero can expect more than $20 million for Cranbourne Health, a low-rise facility on another large corner site with development upside, being marketed by CBRE.