Hi,
I have a house on a 700 + square meter corner block on a main road in the eastern suburbs of Melbourne.I am aiming to add value. I have looked at sub-division and the local council have pointed out several items such as set backs, parking spaces and private open spaces etc.It would seem that the only way would be to demolish the house. To me this would not be cost effective.
In the area there are quite a few medical type centres. Local council says that generally you need 5 parking spaces per practisioner, but this could be reduced slightly, perhaps only 12 may be required for 3 doctors. I have spoken to a couple of agents in the area to get info on demand for such properties etc. One agent suggested that i seek council planning approval then put it on the market. One agent said that the going weekly rental for a doctor at a clinic is $500 (not sure what is included for the $500).
My plan is sell the property after I have added value, or hold with a good return.
I’ve searched the web but havn’t found any usefull info yet.
I have had a plan of the building a land draw up by an architek and have just sent it to a traffic engineer to assess number of car spaces achieveable.
Anybody out there have any info they could share or tips on where I could get info on demand, prices, etc.
Thanks in advance and I wish all an enjoyable Anzac Day.
Herb.
hrm
Hi Herb,
It sounds like you’re going well with your investigations. I’ve been thinking of doing the same with my PPOR (although this would be a couple of years away at least) which is on a large block on a main road, and near consulting rooms and a hospital. I’ve been looking at price/demand information for selling/renting out consulting rooms, and have found it difficult to come by.Talking to local practitioners who have consulting rooms has been the most informative in regard to what they pay in rent, and what they look for in consulting rooms. Many individual practitioners (such as the one I live next door to) have a preference for buying customised facilities, and are willing to pay a premium for something they can move straight into.
The only (slightly) helpful website I’ve found is http://www.medicalrealestate.com.au – this may help a little.
I personally think that selling the place with a permit is a slightly ‘scattergun’ approach. Identify the types of practitioners likely to need rooms in your area, and sell the property customised for this. To find your likely market will require some local research – but shouldn’t be too difficult. If there’s a hospital nearby, you can also enquire if they need consulting rooms or know of any specialists looking (Thanks Gatsby for that great idea).
A property near me (opposite the hospital) has been on the market with a permit for medical use for over 3 months, while a customised facility suitable for radiology (my next door neighbour) was sold quickly for a high price at a hotly-contested auction. The one that hasn’t sold needs changes to make it suitable – i.e. construct car park and medical-style fitout – and is therefore still on the market. In my opinion, this is another good example of how property buyers can lack vision. To bring this property up to the standard of the one that sold wouldn’t take much work and it would come at a lower overall price. It also has a better location. Go figure …
Anyway, I hope this all goes well for you Herb, and if you find any good information resources, I’d appreciate if you could let me know, as I need all the info I can get too [biggrin]
Kind regards,
Leila
Leila,
Many thanks for your info, advice and the web site; they are helpfull.I will do some research with the local hospital and clinics as suggested. I’ll keep you informed if I find any valuable gems of info.
Regards
herb
hrm
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