Ballarat Group Practice and Nova Pharmacy occupy a central position within the growing Howitt Street medical precinct. The property was recommended to be put to auction due to having a new 7 year lease term plus options and the increasing interest in regional commercial investments. Marketing was extensive and included consistent placement in The Ballarat Courier, insertions in The Age, Jewish News, Australian Chinese News, Australian Chinese Age Weekly, Melbourne Chinese Property Weekly together with internet listings on realcommercial.com.au, raywhitecommercial.com and juwai.com plus various other commercial websites. The property was also exposed through the Ray White Commercial network. The resulting yield of 5.84% at auction was outstanding for a regional market.

Sales Analysis*
Method of Sale:Auction in room
Marketing Time Frame:4 weeks
Sale Date:28th October 2015
Enquiries:20
Bidders:5
Number of Bids:15
Starting Bid:$2,500,000
Sale Price (Under the hammer):$3,455,000
Passing yield:5.84%

 

*approx