 Asset Class: | Medical |
 Price: | $ 11000000 |
 Net Yield: | 6.20 % |
Net Yield - including solar strategy: | % |
 Property Market Status: |
A high-quality, purpose-built medical centre situated on an approximately 3,002 m² site in Melbourne’s established eastern suburb of Croydon. The asset comprises approximately 1,246 m² of net lettable area across two levels, fully leased to five diverse healthcare tenants. With 100% occupancy, a net passing income of approximately $682,748 per annum, and a WALE of 4.3 years (by income), the property presents a secure and attractive investment proposition in a growing healthcare precinct.<br><br>Constructed to a high medical standard, the building features concrete slab foundations, precast and rendered concrete walls, suspended plasterboard ceilings, and Daikin zoned climate control throughout. A lift services both levels of the facility. The property offers excellent accessibility with approximately 55 on-site car parks and benefits from dual street frontages to Dorset Road and Maroondah Highway, enhancing visibility and convenience for patients and staff. Its layout and internal finishes are designed for long-term medical use, increasing tenant retention potential.<br><br>The asset produces a net income of approximately $682,748 per annum (as at 31 March 2025), reflecting a strong 6.20% net yield – considering the being an institutional-grade healthcare investment, in metro Melbourne. The tenancy profile, anchored by a national operator, underpins a stable income stream, complemented by annual fixed or CPI-based rental increases. The income is diversified across five tenants, offering income resilience and long-term upside.<br><br>The centre is anchored by Family Doctor, one of Australia’s largest GP-owned networks, occupying approximately 55% of the building with a long-term lease to February 2029. Other tenants include Mindful Living (psychology and trauma care), Anderson Health (chiropractic and osteopathy), Knightlamp (specialist trauma-informed psychology), and Smile Dental Studios (general and cosmetic dentistry). Lease terms range from 5 to 10 years, with options, and all leases are structured on a net basis with full outgoings recoveries. The multi-disciplinary nature of the tenancy mix encourages cross-referrals and sustained patient volume.<br><br>Located approximately 27 km east of Melbourne’s CBD, the property enjoys a strategic position near major arterial Maroondah Highway and close to key retail and health infrastructure, including Maroondah Hospital, Ringwood Private Hospital and Knox Private Hospital. Croydon is an established residential area with a growing and ageing population, presenting strong local demand for primary and specialist healthcare services. Proximity to Croydon Railway Station and abundant local amenities further enhances accessibility and patient convenience.<br><br><b>Buying conditions in metro Melbourne are better than they have been in many years. </b>This is reflected by the subject asset, which in a normal market would trade <u>well below 6%. </u>These conditions are brought about by what we believe to be <u>short term sentiment</u>. In terms of national population numbers, Melbourne’s is currently growing faster than any other capital city. Now is an excellent time to be buying quality investment grade assets such as this.
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Croydon Family Practice occupies a strategic position in Melbourne’s established and highly regarded eastern suburbs. <br><br>This area of metropolitan Melbourne is consistently sought after for its well-established residential population, lifestyle amenities, and access to key infrastructure. The asset’s location on Maroondah Highway, a primary arterial route connecting Ringwood to the prestigious Yarra Valley region, provides exceptional visibility and accessibility. Furthermore, the connectivity and the facility’s proximity to major healthcare infrastructure, including Maroondah Hospital, Ringwood Private Hospital, and Knox Private Hospital, creates substantial cross-referral opportunities and patient flow.<br><br>Croydon, situated within the City of Maroondah, is a well-established residential area poised for significant demographic growth. Population projections indicate an increase from 120,304 residents in 2025 to 139,974 by 2046, representing a substantial expansion of the local catchment area. <br><br>Of particular relevance to the healthcare sector is the area’s age demographics. The local population is characterised by a higher proportion of older residents, with 20.5% aged over 65 years, surpassing the national average. This sees the catchment exhibit a higher-than-average prevalence of long-term health conditions and co-morbidity factors, indicating a strong need for comprehensive healthcare services in the area.<br>
Additional Location Information File<b><u>Family Doctor</u></b><br>Family Doctor is a nationally recognised, GP-owned and operated healthcare network with 109 locations across Australia, including sites in New South Wales, Victoria, Queensland, South Australia, and Western Australia. At the Croydon Family Practice, the group operates with a team of nine general practitioners and one surgeon, offering an extensive range of outpatient services. These include general family care, women’s, men’s and children’s health, chronic disease management, mental health services, minor procedures, occupational health, podiatry, physiotherapy, osteopathy, and travel-related healthcare. Family Doctor is the anchor tenant at the property, occupying approximately 55% of the net lettable area, and plays a pivotal role in supporting a strong cross-referral ecosystem within the centre.<br><br><b><u>Mindful Living Counselling & Psychology</u></b><br>Mindful Living is a dedicated mental health service provider specialising in trauma-informed care, with particular expertise in Eye Movement Desensitisation and Reprocessing (EMDR) therapy. The team comprises 22 clinical professionals supported by five administrative staff, allowing for a wide range of services delivered at scale. Their offerings include EMDR therapy sessions, intensive and group programs, EMDR training for therapists, as well as couple and family counselling. Mindful Living caters to patients experiencing trauma, post-traumatic stress disorder (PTSD), anxiety, depression, grief, relationship challenges, and general emotional wellbeing needs.<br><br><b><u>Anderson Health Chiropractic & Osteopathy</u></b><br>Anderson Health operates as a specialised allied health provider offering chiropractic and osteopathy services with a focus on spinal correction and family wellness. With locations in Croydon and Doncaster, the practice is staffed by five chiropractors and four administrative team members. Services span general chiropractic care, including tailored treatments for pregnancy and children, osteopathy, wellness programs combining both disciplines, and posture correction. Anderson Health supports patients from infancy through to adulthood and focuses on long-term health optimisation across all stages of life.<br><br><b><u>Knightlamp Psychology</u></b><br>Knightlamp is a national leader in trauma-informed psychological care, offering both clinical and consultancy services across Australia. With practices in Croydon, Victoria and Richmond, New South Wales, Knightlamp provides a suite of interventions including psychotherapy, assessments, and support under Medicare mental health plans, the National Disability Insurance Scheme (NDIS), and Victims of Crime programs. Their team works with children, young people, and adults affected by trauma, and also supports organisations and schools through training, consultation, and specialist therapeutic programs. Knightlamp is recognised for delivering practical, outcomes-driven care within a variety of therapeutic and community contexts.<br><br><b><u>Smile Dental Studios</u></b><br>Smile Dental Studios is a comprehensive dental practice led by principal dentists Dr Nina Madlani and Dr Branav Kanaga, who bring over 25 years of combined experience gained in both Australia and the United Kingdom. The Croydon location marks the group’s second practice, expanding their presence beyond Melbourne’s western suburbs. The clinic offers a full suite of dental services including general check-ups and cleans, emergency dental care, children’s dentistry, extractions, restorative work such as crowns and bridges, dental implants, and cosmetic treatments like veneers, teeth whitening, Invisalign and other orthodontic solutions. The clinic is also equipped to deliver TMJ/TMD therapy and custom oral appliances such as nightguards and mouthguards.<br>
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24-26 Dorset Road, Croyden – 1246m2 - $548/m2 265 Humphries Road, Frankston South – 453m2 - $557/m2 80-82 Bridge Road, Richmond – 790m2 - $486/m2 1078 Main Road, Eltham - 500m2 – $519/m2 493 Ballarat Road, Sunshine – 1000m2 - $529/m2 26A & 26B Dickens Street – 418m2 - $1,055/m2 5 Chester Street, Bentleigh East – 215m2 - $564/m2
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• Prominent institutional-grade healthcare investment, available at a rare net investment yield, driven by short-term buying conditions.<br>• Valuable approximate 3,002m² corner site with dual frontages to Dorset Road and Maroondah Highway.<br>• Fully leased, purpose-built, two-level medical centre with an approximate net lettable area of 1,246m².<br>• Anchored by national operator Family Doctor (686m², 55% NLA) alongside complementary tenants including Smile Dental Studios, Mindful Living, Anderson Health, and Knightlamp Psychology.<br>• Total net passing income of $682,748 p.a, delivery a net return of 6.20%. After tax returns to be enhanced further due to depreciation on the asset (annual total deductions estimated at $222,700 – report available on request).<br>• Asset comes with 100% occupancy and a WALE of 4.3 years (by income).<br>• Strong healthcare ecosystem supporting cross-referrals across multiple disciplines including GP, dental, chiropractic, psychology, and allied health.<br>• Strategically located in Melbourne’s high-demand eastern suburbs, circa 27km from the CBD with excellent connectivity to major arterials and public transport.<br>• Zoned General Residential under the Maroondah Planning Scheme, supporting long-term community and health service use. Critical healthcare assets are often provided GR zooming, enabling closer proximity to communities that require them. <br>• Exceptional on-site parking for approximately 55 vehicles, enhancing accessibility for patients and practitioners.<br>• Demographics support sustained demand, with 20.5% of local population aged over 65 and 36% with long-term health conditions.
