Dominant Health & Medical & Investment Plus Land Offering

Posted on 17th July 2023

Investors, owner-occupiers and developers have the chance to acquire a dominant health and medical investment plus land offering in the heart of the busy Boronia shopping and lifestyle precinct.

Fitzroys’ Tom Fisher and David Bourke have been appointed as exclusive selling agents for 252 Dorset Road and 9 Chandler Road by a private owner who has held the property for 28 years. Expressions of Interest close Wednesday, 26 July at 3pm.

Expectations are of $5.25 million-plus.

The properties are on one title and offer a total combined land area of 1,528sqm.

252 Dorset Road comprises a dominant 1,542sqm three-level freehold building occupied by a strong mix of established health tenants including Dorevitch Pathology, Nillumbik Community Health Services and Happy Chatter Speech Pathologists, currently returning $241,271 per annum plus outgoings and GST.

Level one of the building is currently vacant and presents an excellent chance to part owner-occupy, or can be leased out, taking the building’s income to $350,000 per annum.

The building has dual frontages to both Dorset Road (11.9m) and Dorset Square (16.6m).

9 Chandler Road encompasses 954sqm, is currently utilised as a car park, and has untapped future potential (STPA).

Both sites offer flexible Commercial 1 zoning.

“We’ve seen bigger amounts of private and institutional capital allocated towards healthcare real estate, with the sector offering a strong growth outlook and more reliability than other sectors given its non-discretionary nature and ongoing government support,” Fisher said.

“We’re expecting a strong response from investors looking for stable long-term tenants, while it’s also a rare chance for an occupier to set up right amongst high-quality operators, in a popular commercial centre, and concurrently generate a strong income.”

The site is positioned within the heart of the popular retail and commercial centre adjacent to Dorset Square Shopping Centre - home to K-Mart, Coles, Aus Post, Liquorland and several long-standing local businesses. In addition, there are other notable national and local retailers nearby including Woolworths, McDonalds, ANZ, CBA, Bendigo Bank, Bakers Delight, Salvo’s, Boronia Hotel, Hoops Sports Bar and more.

The site also has direct access to a large public car park within Dorset Square.

Profile.ID states that the population of Boronia is in the order of 23,923 people, whilst the City of Knox has a resident population of 159,404 people. The Boronia commercial centre services a wide catchment, attracting shoppers and visitors from across the municipality.

Bourke said, “The Chandler Road component presents a unique chance to make a new addition to a thriving commercial centre that has the attention of a broad catchment.

“The flexible Commercial 1 zoning allows for a range of outcomes, and a chance to make this overall an incredibly dynamic holding.”

The property is also well-serviced by public transport with Boronia Train Station providing access to other surrounding eastern suburbs and the CBD. The site has ease of access to major arterials including Burwood Highway, Ferntree Gully Road, and Eastlink.