One of the country's largest podiatry practices, located in Queensland, has been sold at auction.
The state of the art podiatry practice sold at Burgess Rawson’s recent Portfolio Auction held in Sydney for $2,300,000 with a strong yield of 7.17%.
Situated at 14 Ipswich Street, Toowoomba, the highly exposed 1,548sqm site is within the St Vincent’s Hospital precinct and 50 metres from The Range Shopping Centre.
Producing a net income of approximately $165,000 p.a, + GST with 3% annual CPI increases in place, the 15-year practice is within a large facility and is secured to a new 10-year lease to Range Health until 2027 with options to 2037.
Burgess Rawson sales agent, Jamie Dewe said many factors contributed to the popularity of this impressive commercial investment.
“The Range Health practice has 14 consulting rooms for podiatry, physiotherapy, naturopathy, exercise physiology and massage therapy. The building itself has two street frontages with a purpose- built 22 space carpark,” Mr Dewe explained.
“The Toowoomba region has historically been a strong performer when it comes to commercial property so we knew this property would sell at auction for an impressive result."
A 7610 sqm development site on a corner block at 390 Burwood Highway, Wantirna South in Melbourne, has sold for $10.15 million.
The property, which has a single 623 sqm building, can yield a variety of developments including a mixed-use building, offices, a hotel, an aged-care facility and a medical centre.
It is opposite Westfield Knox Shopping Centre and Swinburne University.
Meanwhile, a private owner-occupier has purchased one of the largest vacant land parcels in Fishermans Bend, the 3362 sqm site at 101 Salmon Street, for around $8 million, with plans to build a 12-level commercial development.
The buyer will occupy a portion of the property and lease the rest out, capitalising on the growth of the area as an urban renewal.
It has a 12-level residential redevelopment permit which will be converted to commercial.
Colliers International's Lachlan Dornauf and JLL's Lincoln Reynolds and Marcus Quinn negotiated the off-market sale.