Local outbids townies for Geelong medical centre

Australian Unity purchased the Corio Medical Centre for $9.5 million.

A Geelong investor acquired a local essential services asset at auction last Friday, outbidding four Melburnians.

The South Barwon Medical Centre, covering 66-70 Settlement Road and 27 Torquay, Belmont, fetched $5.825 million, reflecting a 4.93 per cent yield.

GMHBA and Clinical Labs are the head tenants.

Both recently signed five year leases.

With options they can stay until 2037.

On 3533 square metres, the site has significant development upside after that (story continues below).

The Belmont property, three kilometres south of Geelong.

Darcy Jarman’s Tim Darcy and Andrew Prowse were the agents.

Their deal comes three months since Australian Unity outlaid $9.5m for the Corio Medical Centre, in Geelong’s northern suburbs.

Stonebridge’s Rorey James and Kevin Tong brokered that deal.

In February, meanwhile, a Chinese syndicate spent c$30m for the city’s four level Geelong Private Medical Centre, which is connected to Geelong Private Hospital via an air bridge.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.