Medical executive buys Melbourne office
Rodney Aziz has bought an office near the headquarters of Family Doctor, his business which in April attracted a $300 million investment from US private equity giant KKR.
Following an off-market deal, the executive paid $8.66m for 425 Riversdale Road, Hawthorn East.
With 1178 square metres over two floors, just over half is vacant.
This contributed to the low passing yield: 2.8 per cent.
Family Doctor will occupy the empty component as its administration headquarters.
Established 20 years ago, now with over 100 clinics employing some 500 doctors, the space will complement its present base, 347 Riversdale Rd.
Gorman Commercial’s Peter Bremner was the agent.
Family Doctor expands on Riversdale Road
On the north east corner of Russell Place, 425 Riversdale Rd occupies a 1059 sqm holding zoned Commercial 1.
There also 30 car parks.
Seda, the only occupier, is on a lease expiring next December for its 532 sqm ground floor tenancy.
The seller held eight years.
“The buyer had inspected several office buildings in the Camberwell Junction precinct…but made it clear they wanted to be on a single floor plate with good staff parking,” Mr Bremner said, without disclosing their identity.
“This sale is the 10th office building sold by Gorman Commercial in the past 15 months in Melbourne’s inner east or city fringe market, with all sales either involving an owner-occupier or a vacant or partly vacant building,” he added.
“The owner occupier demand continues to go from strength to strength as these buyers are capitalising on the excellent property fundamentals in Melbourne’s inner eastern suburbs,” according to the executive.
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