MEDICOS OPT TO BUY INSTEAD OF LEASING

A MEDICAL practice has bought a two-storey office building with plenty of car parks in Brisbane’s inner north.

An entity associated with the Colonoscopy Clinic paid $3.5m for the property at 3Gregory Tce, Spring Hill, after deal struck by Raine & Horne Commercial’s Keelan Mylius and Vaughn Smart on behalf of the long-term owners of the building.

Mr Mylius said the four week campaign generated more than 50 inquiries and multiple offers.

“The property attracted widespread interest from owner-occupiers and a few investors and developers,” he said.

“The partially tenanted freestanding asset provided a rare opportunity to secure a holding on the edge of the CBD just opposite Brisbane Grammar School .

”On a 522sq m site the 522sqm freestanding building features11 car parks and has a holding income of $65,000with Create Foundation leasing a third of the asset.

Mr Mylius said the Colonoscopy Clinic has leased premises at 504 Lutwyche Rd,Lutwyche.

“They were coming to the end of their lease and looking to buy,” he said.

“This property ticked a lot of boxes with good parking, being near Roma Street Parklands and there is a tenant who will provide good holding income until they have the need to expand.”