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JLL is pleased to offer for sale Corio Village Medical Practice - 83D Purnell Road, Corio.
Corio Village Medical Practice is situated in the heart of Corio, adjoining the Corio Central Shopping Center anchored by Woolworths, Coles and Kmart, with 6 mini majors, 85 specialty shops and 16 offices. The property benefits from exceptional connectivity, situated 1.2 km from the Geelong Ring Road, providing direct connectivity to the Princes Freeway (Melbourne Road) and approx. 50 minute drive-time to Melbourne.
83D Purnell Road, Corio presents a high quality medical center. The asset is fully leased to a long standing medical practice which has been in the area for more than 25 years. The center also incorporates a range of Allied Health including Psychology, Podiatry and Audiology. The building and landscaping are both attractive and well-maintained whilst the internal layout is spacious and flooded with natural light. A conference room, staff amenities and archive storage are all located on the upstairs level.
· Established medical center in prime location adjoining Corio Central shopping center.
· Fully leased to Corio Village Medical Practice since 1996.
· Defensive and non-cyclical income profile.
· New 4 year lease with 3 x 4 year options to 2035.
· Net Income of $210,240.
· In built rental growth of 3.5% per annum.
· Net Lease with tenant paying all outgoings.