- Thomsons Lake Medical Centre has sold for $6M
- It was purchased by the Tseriotis family in a deal negotiated by Knight Frank
- The property is adjacent to significant developments
A medical centre in Perth’s southern suburbs with development potential has been snapped up by the Tseriotis family to the tune of $6 million.
Located at 850 North Lake Road in Cockburn Central, approximately 19 kilometres south of the Perth CBD, the property is known as Thomsons Lake Medical Centre.
The centre comprises a hefty landholding of 9,242 square metres (sqm) and is occupied by a purpose-built medical centre constructed in 2005 with a total lettable area of 705 sqm, 55 parking bays and approximately 5,650 sqm of excess developable land to the rear.
Tony Delich and Cory Dell’Olio of Knight Frank negotiated the deal with the Tseriotis family.
With a current net income of $390,323 per annum plus GST, the site was sold on a net yield of 6.5%.
Furthermore, the property is in a highly-exposed location in a growth area of Perth, Delich says.
“The site itself has 40.24 metres of frontage to North Lake Road and with the recently completed North Lake Bridge, which improves access to the Kwinana Freeway, it has high exposure to passing vehicles every day.”
Delich added that the medical centre is well-positioned in Cockburn Central, the urban hub of the city of Cockburn, and a short walk from the Cockburn Central Train Station and Town Centre.
“This growing catchment in Perth’s southern corridor boasts ongoing development as the population grows.”
Adjacent developments
Some other developments in the area include Cockburn Central West, directly opposite the medical centre, which features a $109 million first class sport and recreation facility known as the Cockburn Arc, as well as being home to the Fremantle Dockers Football Club.
The new $26 million Bethesda Private mental health facility is also nearby, as is the major regional Cockburn Gateway Shopping Centre, which is set to undergo a major expansion.
Future development potential
Aside from the location and quality of the covenant, one of the attractions for the buyer had been the future development potential of the site, Dell’Olio said.
“There is a substantial land at the rear of the property which will likely be home to a residential development in the future,” he said.
“With prices rebounding in the residential market and rents continuing to rise, residential development sites are attractive for buyers.
“First and foremost, however, the quality of the existing offering was the key for the buyer.
“Medical and allied health assets are one of the most tightly held sectors within the current market in Western Australia and the demand from investors, especially from the east coast, is still extremely high.”
