31 Mason St, Warragul VIC 3820
A regional stratum titled investment leased to Latrobe Community Health in Warragul has traded hands for more than $9,000,000, reflecting a low passing yield of under 5%.
Rorey James, Kevin Tong and Nic Hage of Stonebridge Property Group sold the property in conjunction with Ben Wilson from Wilson Property.
The property was sold via a public Expression of Interest campaign and despite just over three (3) years left on the lease, it received strong engagement from the local market along with Melbourne, Sydney and Tasmanian investors.
Ben Wilson of Wilson Property said that ‘Warragul is an incredibly tightly held commercial precinct, there has always been and will continue to be an appetite from commercial investors to acquire assets here, particularly for good quality investments like Latrobe Community Health.’
The campaign had six (6) formal offers, highlighting the significant confidence investors have towards the medical sector together with regional Victoria at present.
Over the past 12 months, both agencies noted a major increase in buyer demand from Melbourne, Sydney and Tasmania towards regional Victoria.
Stonebridge’s Rorey James said “buyers were attracted to the better returns on offer (generally) and 50% stamp duty savings. However, they also have a great deal of confidence in regional areas off the back of the pandemic and more people now living permanently there. We understand that more than half the people who moved away from Melbourne during the pandemic into regional areas have not returned, that is a very telling story.”
“The other reason for an increase is due to a lack of good quality opportunities / supply in Melbourne, forcing buyers to look elsewhere for their commercial property requirements.”
Stonebridge are currently marketing 3 properties in Bendigo, as vendors look to capitalise on the record results and interest being witnessed throughout regional Victoria.