A purpose-built vet clinic with re-positioning potential on Sydney’s North Shore exchanged a week after the marketing agents first talked with the owner about selling it.
JLL’s Dylan McEvoy and Gordon McFadyen managed the $6.25 million off-market deal for 290 Bobbin Head, Road, North Turramurra.
The yield is 6.5 per cent – factoring in both the risk of the anchoring occupier holding a month-to-month tenancy but also the enormous potential to refurbish it as another healthcare related asset.
The sale prices every square metre of land at $4077.
It also values ever sqm of building at $6104.
“Demand from ultra-high net worth family offices looking to secure properties with leasing risk or other associated challenges has increased,” Mr McEvoy said.
“Many of these groups can transact within a short amount of time and are not subject to any debt funding restrictions”.
In March, Revelop paid Con Makris $35m for the unrenovated Newton Village Shopping Centre, 11 kilometres north west of Adelaide (story continues below).
Greencross Vets Ku-Ring-Gai at North Turramurra
Known as, and predominantly occupied by Greencross Vets Ku-Ring-Gai for more than 10 years, telecommunications giant Optus also leases 290 Bobbin Head Rd.
At the south west corner of Valley Park Crescent, the 1543 square metre block contains a three storey 1024 sqm building – each level with separate external access – and 28 car parks, a handful of which are undercover.
The parcel is at the north edge of a small retail precinct adjacent to North Turramurra Medical Practice and almost next door to an Australia Post outlet.
“The asset provided the incoming purchaser with the opportunity to explore long term re-leasing opportunities with the current tenant, or alternatively the opportunity to reposition the property with another medical orientated occupier, ensuring a secure source of income for the future,” Mr McEvoy said.
Major hospitals within a 20 minute drive west of 290 Bobbin Head Rd include Hornsby Ku-Ring-Gai, Neringah and Sydney Adventist.
North Turramurra is about 20 kilometres north west of the city.