Melbourne, Victoria 3000

17 consulting room GP practice for sale in a northern Melb!

For Sale | $1,200,000 Real Estate available for $3,500,000

Medical Practice

This well established practice is currently perceived in the community as a health destination with many practitioners all located in the same building in a prime position in Brunswick, Vic. This is not a DPA location and is MMM 1. The business and the freehold are both for sale with a recent valuation indicating that the building is worth $3.5M. Plus there is a council permit current for 8 doctors! Active patient numbers at this clinic are 5952.

Only the medical business is being sold (which includes the GP patients and drs plus allied health, cosmedical and path incomes) with the Cosmetic business to be held by the current owner. The cosmetics business is another entity, employs its own staff, has a separate ABN, separate tyro machine and uses 2x rooms ($36K pa). The dentist uses 2x rooms and has a sublease ($54K pa), the pathology has a sublease ($60K pa) and so does the podiatry. This income combined is over $13K per month; making the space rent positive for the business owner currently. Other allied health (physio, exercise physiologist, dietitians and psychologists) all pay a fee spit of the income that they make from the business. Additional income into the practice is from PIPS and PNIPS ($46K pa).

GP business - This is a mixed billing clinic, with about 65% of all patients using bulk billing. The GP business can use up to 7 consulting rooms so currently with just 2x FT GP's there is room to grow this clinic. There is a 2x bedded treatment nurse plus a nurse room for this section of the building, pus 7 toilets, including 1x disabled and also a shower. The owner works approximately 30 hours in this business and is happy to maintain this workload as a clinician for a minimum of 3 years with the new owner. His goal is not to manage the business (oversee accreditation, do recruitment etc) 
• Staff Notes = 1x full time Nurse, 2x full time Receptionists, 2x full time Doctors (one male one female)
• Rent = $150,000 to $180K depending on the structure
• New Lease started 2017 for 16 years in 2-year increments...this might be amended if a longer lease is required
• Lease Increase 2%
• Property + 480 sqm

The new fit out cost $1.4m which has resulted in a beautifully appointed business with not another penny required for the new owner.  It has a huge Client base and can still be grown by offering additional health businesses into the as yet under-utilised rooms.  Key Points - Lots of expansion/growth potential. 

There is a full range of GP services offered but not limited to the following:
• Management of chronic diseases such as diabetes, hypertension, asthma, high cholesterol
• Paramedical services including : Physiotherapist, podiatrist, + dietitian 
• After hours Locum service
• Allergy diagnosis and treatment
• Geriatric care
• Paediatric
• Male and female psychologist
• Complementary (naturopath + Acupuncture) and cosmetic medicine
• Children and adult immunization
• Women's Health
• Pain management
• Real Estate available 

Cosmetic business - this is not a part of the MC sale and employs 2x therapists, who undertake cosmetic procedures including but not limited to injecting, fillers, sclerotherapy, laser work and lipolysis. The GP/business owner currently works in this business 2 hrs per day for 4 days per week and on Wed mornings and sometimes later in the day for bigger cases requiring more time. When he is not at this business, he is working as a GP. Post settlement, the business owner intends to continue working in this cosmetic business doing the same hours for a minimum of 3 years. 

NB the 2019 Financials do not include the income from the dentist which is from Dec 2018 at the rate of $4,500 per month so please add this income from June 2020 as their ramp up will finish then. In addition, the GP that owns the business didn't always pay his rent as the owner of the cosmedical practice so under a new owner, this income will definitely hit the bottom line profit! 

Reasons why you would buy this business at $1.2M:
• The clinic consistently bills just under a million dollars each year
• The current GPs and their patient goodwill will remain at the clinic post settlement as neither dr intends to leave under a new owner
• The income for the subtenants + the govt incentives makes the clinic just about rent neutral
• Most importantly, the high quality fit out that is currently in place (the clinic was recently renovated to the tune of $1.4M) can be transferred to the buyer as a part of the sale so that the depreciation is also able to be claimed by the new owner

Check out the virtual tour for this business here: https://my.matterport.com/show/?m=5hRgDCvzeWS 

Listing ID: NSW08966
Brokers: Sally Stuart + Michael Torcasio
Mobile: 0437 082 045 + 0419 556 593
Email: sally.stuart@linkbusiness.com.au + michael.torcasio@linkbusines.com.au

To complete an online confidentiality agreement visit this business and enquire now: http://www.linkbusiness.com.au/NSW08966

THE PURCHASER TO MAKE HIS/HER OWN INVESTIGATIONS AND ENQUIRIES IN RELATION TO THE BUSINESS AND NOT TO RELY UPON WARRANTY OR STATEMENT MADE BY THE VENDOR OR BY ANYONE ON HIS/HER BEHALF
Ref: NSW08966
Timestamp: 20200905030129

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Michael Torcasio

LINK Sydney

Overview

This Medical Practice Business is one of 143 businesses for sale in Melbourne City, Victoria, and one of 0 Medical Practice Businesses in this region that a business for sale currently has on offer. This Medical Practice Business is for sale in Melbourne City for the asking price of $1,200,000 Real Estate available for $3,500,000 and has been marketed for a while and is definitely worth another look as it is sure to be snapped up soon..