Purpose-built Taupo Medical Centre on the market for the first time
117 Heu Heu Street and 118 Tuwharetoa Street, Taupo. Sold 6th December 2017
- 2 adjoining properties with 3 street frontages, sold as one
- 1,089m² total building area
- 2,684m² land
- 35 onsite car parks
- Fully-tenanted by Taupo Medical Centre, Lake Taupo Pharmacy, Mathai Dental, Midlands Health Network
- Net annual income with personal guarantees - $291,600
- Capital Value - $3,345,000
- National Total Property marketing campaign with tender method of sale
- SOLD for $5,000,000 at a 5.83% yield
- direct enquiries were received from all around New Zealand and included a retired dairy farmer and Auckland-based investors with medical interests
- 8 tenders were received
- Sold to a South Island-based investor
The Taupo Medical Centre has historically played a very important role in the Taupo community and continues to do so to this day. The centrally-located state-of-the-art doctors’ surgery forms part of a multi-disciplinary medical hub which includes an ambulance bay, pharmacy, health-related administration and dental services.
It made for a compelling offering in the market when it came up for tender late-2017 and struck a chord with discerning investors.
The property was owned by four family trusts, including two of the medical practice’s doctors.
James HIggie and Mark Hourigan of Bayleys Wellington marketed the property with support from Yvonne Westerman and Alison Whittle of Bayleys Taupo.
“It is an immaculately-presented property which draws together a range of complementary health professionals on the one conveniently-located site,” says James.
“There’s an old saying in real estate that ‘you can’t sell a secret’. However, given the sensitivities of patients and in the interests of business continuity, we could not put up any signage on the property so relied on a Total Property campaign plus our extensive databases and connections to promote the complex.
“This was a great example of Bayleys’ agents from around the country networking and pulling together to get the very best result for our clients.”
Vendor spokesperson Robyn Turner, says they chose Bayleys’ for the company’s professionalism, discretion and charitable allegiance.
Robyn Turner’s father, the late Dr. Tangi Martin, was a stalwart of the Taupo community. He set up his medical practice in 1954 when Taupo had a population of approximately 2,000 people.
Around 40 years ago, the forward-thinking Dr. Martin moved his surgery, known as Taupo Medical Centre, to the high-profile site on the corner of Heu Heu and Kaimanawa Streets.
Robyn says her cousin designed the original complex and the family’s involvement with the property runs deep.
“It’s always been important to us that the property was well-maintained and presented,” says Robyn.
“The once-vacant property beside the original surgery was always in our sights for redevelopment.
“With the new medical premises built in 2015 and opened by the Mayor, and the other buildings all renovated and looking rejuvenated, it seemed the right time to put the properties on the market.
Robyn and her husband Rod reside in Wellington and were actively involved in fundraising for the Cancer Society. Bayleys Wellington also has a long-term charitable relationship with the Cancer Society and Robyn says this swayed them in their decision to list the property with Bayleys.
“We respect loyalty and this, along with a highly professional approach, attention to detail and a sense that Bayleys were really looking after our interests, meant that we were very happy with the process – and, ultimately, the outcome.”
Read more customer stories
Subscribe to receive the latest commercial news and insights from Bayleys Total Property