Rare Sydney inner-west commercial opportunity pops up at Balmain Medical Centre
A rare commercial opportunity has arrived on the market which is offering buyers the chance to nab up a prime allotment of land.
Located at 3 Montague St the property at Balmain Medical Centre is a 973 sqm includes a renovated three storey medical centre which includes more than 1,200 sqm of building area plus secure basement parking for 22 cars.
Brought to market by Colliers Director James Cowan, the property includes a range of medical practices including Douglass Hanley Moir Pathology, Doctors on Darling, Balmain Dental Clinic, Optimitrest and Balmain Physiotherapy.
“The property is returning $460,000 per annum and is considered a substantial rent reversion opportunity, with the current anchor tenant 7+ years in occupation paying a modest $288 sqm pa gross,” Mr Cowan said.
“We are finally seeing international interest in the Balmain Peninsular given major infrastructure upgrades including Sydney Metro West which will potentially feature a hard rail station in Rozelle linking the suburb to the CBD in three minutes and Parramatta in 23 minutes.”
The sale of the commercial property is the latest in a string of properties that have yielded premium results, including the Rozelle Medical Centre for $8.2m to ICC Developments, 681 Darling St for $2.5m to a Chinese investor, Balmain Backpackers to a local investor for $3.5m and 20 Gladstone St, Balmain for $6.44m.
“Medical Centres rarely come to market given the stability they offer to the landowner, and fact that ownership typically trades internally via the medical fraternity.”
“They are tightly held given the tenants are considered ‘sticky’ and unlikely to move once they are established given the medical concentration, cost of fit-out, and limited availability of suitable commercial buildings.”
The Balmain Medical Centre will be sold via EOI on 22nd July at 2:00pm with a price guide at around $10m.
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