Central Glen Waverley medical centre sells for $7.28 million

A medical centre in Glen Waverley has sold for $7.28 million following a successful expressions of interest campaign.
 
Located at a corner site, Waverley Medical Centre at 242-244 Springvale Road has a 613 sqm building area and a 1,504 sqm land area 

The property was marketed and sold by Ray White Commercial Glen Waverley Managing Director Ryan Trickey and Commercial Sales Agent Ben Ainsworth.

Mr Trickey said, “there was a huge amount of interest in this property with more than 120 enquiries during the campaign, with 20 per cent coming from interstate and 10 per cent international."
 
“The asset was snapped up by a private group seeking static investment with future potential and was sold by a family consolidating their assets."

“With the redevelopment of the Glen to the tune of $500M, and more than 500 new dwellings coming into the area, there's much to look forward to for both commercial and retail traders,” Mr Trickey added. 

Mr Ainsworth said the location, limited supply of stock and the ongoing growth of Central Glen Waverley as a commercial and entertainment hub, made the asset really appealing.
 
“The established medical clinic has been operating for over 30 years and offered an initial return of $297,052 p.a. + outgoings + GST, with three per cent annual increases,” he said.

It’s Zoned GRZ8 with Design and Development Overlay allowing for up to four levels or 13.5 metres, subject to council approval.