Prominent Elsternwick Medical Centre With Unprecedented Permit

One of Glen Eira’s longest standing and highest regarded medical centres is poised to hit the investment market later this month. 289-291 Kooyong Road, Elsternwick which has been the home of NEST Family Clinic for over 10 years is being offered to the market with a 15 year plus further options and is positioned adjacent the Caulfield Hospital.

The subject property has only just completed an all encompassing refurbishment and extension in order to service the clinics significant and consistently growing patient base. With the extension also comes a permit for 17 practitioners + associated staff 7 days per week.

Located on the corner of Edward street the investment is being offered by CBRE’s Australian Healthcare and Social Infrastructure team comprising Marcello Caspani Muto, Sandro Peluso and Jimmy Tat and will be sold by way of on-site auction in late February.

“Premium healthcare investments have always been sought after amongst both high net worth privates, syndicates and institutional groups for a variety of reasons, however scarcity of stock has always been a major driving force. Despite these minimal opportunities a highly successfully and long trading medical investment in the heart of Elsternwick takes this to another level. Couple this with an unprecedented medical permit for 17 practitioners and a corner landholding opposite a hospital, this truly is a trophy opportunity that is unlikely to be seen again” Mr Caspani-Muto said

Sandro Peluso added “NEST Family clinic as a covenant are incredibly well known by all residents within Glen Eira and it’s surrounds. The business has been in operation from the location for over 10 years now and is well and truly a staple within the community. The extension and renovation having just been complete will take the service offering to another level and allow the clinic to expand even further in-line with the strong demand they have received. As far as reputation goes, this is as strong a private practice covenant any investor could hope to have within an investment.”

289-291 Kooyong Road features and underlying corner landholding of near 1,400sqm while NEST Family Clinic will pay a passing rental of $600,000p.a with fixed 3% increases. The clinic will have an initial lease term of 15 years plus further options which could see them operating from the location until 2052.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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