Two Geelong CBD buildings hit market near hospitals

The Geelong home to Bupa Dental is described as the best medical freehold investment property offered in the CBD. Bupa holds a lease with options until 2041 on the property at 118-120 Ryrie St, Geelong.

Medical businesses are becoming a dominant player within Geelong’s central business district, particularly as other sectors look to the suburbs.

The latest moves within the CBD include the listing for sale of two freehold buildings in a precinct immediately north of St John of God Geelong Hospital.

One is leased to global healthcare provider Bupa on a long lease, having been completely refitted, while the other presents an opportunity to secure a refitted two-storey building, complete with a new lift.

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Darcy Jarman Geelong agents Tim Darcy and Andrew Prowse, in conjunction with Fitzroys’ Lewis Waddell and Chris Kombi, are managing the campaign for 118-120 Ryrie St, Geelong, ahead of a September 12 auction.

Mr Darcy said he believes it’s the best grade medical asset that’s been put to the market in Geelong in recent years.

The property is listed with a new six-year lease with options until 2041, returning an annual rent of $175,000, plus annual 4 per cent incremental increases.

The Geelong home to Bupa Dental is described as the best medical freehold investment property offered in the CBD. Bupa holds a lease with options until 2041 on the property at 118-120 Ryrie St, Geelong.

Bupa Dental holds a 16-year lease on the Geelong building.

“It’s a completely new fit out and this is the first time Bupa has put a dental clinic in Geelong’s city centre,” Mr Darcy said.

The building has long been used as a dental surgery, but other medical and allied-health businesses have taken up residency along the traditionally retail street such as the Geelong Health Hub in the old Ryrie St Market building, and a collection of fitness-related businesses, such as pilates and yoga.

“The beauty about it where it’s located is it’s only a short walk to the walkway that gives you access from Ryrie St directly through to that public car park at the rear,” Mr Darcy said.

“It becomes a very accessible amenity for those that patronise it.”

Mr Darcy said the property would be attractive to investors seeking long-term income.

“It’s a long term play. It’s a 16 year lease in total and they’ve spent quite a bit of money completely refitting it. It’s basically a brand new asset within an evolving precinct.”

The property would be expected to attract interest above $2m, in line with other sales in the area.

The two-storey commercial building at 44-46 Little Ryrie St, Geelong, offers a freehold opportunity in the city’s expanding medical precinct.

The building offers a flexible layout and a new lift.

Mr Darcy said the two-storey freehold building at 44-46 Little Ryrie St, presents another opportunity for a medical business within the evolving precinct.

The triple-fronted commercial building occupies a corner position with a flexible layout and new list and onsite parking for 8 vehicles.

“It’s a perfect opportunity for someone, particularly in the medical, allied health space that wants to be in that precinct to operate a raft of different type of medical-related uses,” he said.

Expressions of interest close on September 10 for the property.

The medical sector is the most active seeking to lease space within the CBD in Geelong, Mr Darcy said.

“Because we’ve got a very strong medical sector here in Geelong, and because we’re in a growth area, there seems to be good scope for it,” he said.

“Some of the commercial tenants have vacated the city centre and gone to peripheral areas, but it seems to be very much a consolidation of medical amenities in the city centre to support what’s our largest hospital and our biggest employer, which is Barwon Health.”