FOR SALE BY EXPRESSION OF INTEREST closing Thursday 29th of June at 3pm
Level 2 / 999 Nepean Highway, Moorabbin
Nichols Crowder is pleased to offer to the market an excellent office investment opportunity in a premium location at Level 2/999 Nepean Highway in Moorabbin. Taking up the whole top floor of approximately 1,359sqm, the property has primarily been leased to Alfred Health’s Child & Youth Mental Health Service (CYMHS) for more than a decade. Other tenants provide related psychology and other health services, with tenant retention rates being very high (no vacancies for over 12 months).
Total net income is currently $367,749 per annum, with annual rent increases of 2.75%. Alfred Health’s lease expires in 2022, with the other tenants being on various leases. There are 36 secure undercover car spaces on site, of which 17 are allocated to Alfred Health.
The property is located adjacent to Moorabbin Train Station and several bus services, with a number of popular cafes and eateries close by. Its’ Bayside location is a short distance from Southland shopping centre and relatively close to the CBD. The recent opening of the nearby Holmesglen Private Hospital on South Road adds to the property’s location benefits.
Julian Vautin, Sales and Leasing Executive, says, “This is a prime property being leased to a long-standing head tenant operating in a growing segment of the healthcare sector. Private and government funding for mental health initiatives and programs continues to grow, particularly across the youth market. As a result, this landmark property is likely to make a secure, long-term investment.”