Investor buys swim centre property

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Big splash: The property that houses Kingswim, Mornington, sold for $5.4 million last week. Picture: Supplied

SPECIALISED assets continue to attract high demand from local and offshore interests, according to business brokers Fitzroys.

The agency last week sold three sites in the south-east for a combined $12.4 million following a high number of inquiries – with the property which houses Kingswim swim school centre, Mornington, selling for $5.4 million.

The other two properties were another swim centre and a child care centre.

The 3796 square metre site at 2 St Catherine’s Court went to an investor after the agents received 70 registered inquiries from overseas, interstate and local buyer groups.

Agent David Bourke said 10 genuine offers were received and the campaign moved to a second round of eight offers, reflecting the “remarkably strong demand for specialised assets”.

The sale price reflects a 6.5 per cent yield, with the property secure on a long-term lease of 15+10+10-years to tenants YMCA.

The property is zoned General Residential 1. It has an 81-metre frontage to Mornington-Tyabb Rd. The 1105 square metre building operates as a swim school with a pool, commercial offices and call centre.

First published in the Mornington News – 8 August 2017

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