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Healthy investor interest expected as leading medical premises go up for sale

A purpose-built medical centre housing Richmond’s largest doctors’ practice has been placed on the market for sale.

The freehold property, on a centrally located street-front site at 40A Oxford Street, Richmond, is fully leased to Richmond Health Centre and Waimea Orthopaedic Physiotherapy Clinic – generating total net annual rent of $156,400 plus outgoings and GST.

With 10 General Practitioners, Richmond Health Centre is the largest medical practice in Richmond, providing a wide range of services including doctor, nurse and specialist consultations, minor surgery and laboratory blood tests.

The practice occupies 400 square metres of the Oxford Street building, paying net annual rent of $131,800 plus outgoings and GST. Its current lease runs through to 2026, with two further five-year rights of renewal.

Some 76 square metres is leased to Waimea Orthopaedic Physiotherapy Clinic Limited, generating net rental income of $24,600 plus outgoings and GST per annum. Its current lease extends to 2023, with two further five-year rights of renewal.

Established in 1992, the clinic was one of the first in the Nelson/Richmond area to incorporate a purpose-built exercise area as well as private treatment rooms.

Both leases have been reviewed to current market rent as of 1 February 2021 and incorporate ongoing three-yearly market rental reviews.

The property at 40A Oxford Street is now being marketed for sale by way of deadline sale closing on 10 March (unless sold prior) through Bayleys Nelson Tasman.

Salespeople Paul Vining and Grant Chaney said the single-storey medical centre of some 476 square metres sat on approximately 1,379 square metres of land across two freehold titles.

Mr Vining said the property offered some 23 metres of frontage to Oxford Street and rear access from the Tasman District Council-owned Warring Car Park. It incorporated 21 on-site car parks for shared use by staff and patients of the two tenants, he said.

“This modern, architecturally designed medical centre was originally built in 1998, with a later extension in 2017 providing for additional treatment rooms and car parking. The centre today consists of 15 surgery/treatment rooms plus additional offices, storage, waiting areas and amenities,” said Mr Vining.

“The building’s appealing design provides high-quality medical practice rooms and offices for the two tenants, which are serviced by common areas including entry, reception, waiting area and patient toilet. The 2017 extension includes a modern staffroom with a full kitchen and store room plus staff toilet amenities and shower.”

Mr Chaney said the property’s location on the eastern side of Oxford Street, between Cambridge Street and the entrance to the Warring Car Park, positioned it in the heart of the booming Richmond/Tasman area.

“This purpose-built medical facility is highly accessible to a range of complementary health services, including the neighbouring McGlashen Pharmacy, and lies within walking distance of Queen Street and the Richmond Mall,” Mr Chaney said.

“The site offers easy vehicle access from Oxford Street and via the adjoining public car park and is within walking distance of local bus routes on Oxford and Queen streets.”

Mr Chaney said demand for local businesses was booming as Richmond experienced an influx of residents and businesses due to its availability of flat land close to Nelson. The local population had grown by nearly a quarter since 2006, to more than 15,000 at the 2018 census, he said.

The Oxford Street property is zoned Central Business under Tasman District Council’s resource management plan, which allows for commercial activity along Richmond’s main streets and residential accommodation above ground floor.

The property has an Initial Evaluation Procedure seismic rating of 100 percent of new building standard.

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