Stunning GP clinic in Sydney's Olympic Park. Asset Sale!
My client established the mixed billing practice in 2016 ($30 co-payment prior to COVID) and has been running it for 4 years. Due to the growth in the number of the local residents, it is an opportune time for a driven and ambitious GP to take the business to the next level. For example by introducing online bookings, opening longer hours, adding additional allied health or bringing in Imaging as none in this suburb/location currently. With many city workers still working from home....your patient base is working and living above and around this practiced!
There is currently 1x F/T GP at the practice who is working mornings from the clinic and afternoons as required from home doing telemedicine consults. It is possible he may stay on as a contractor. The practice currently sees on average 20 patients a day with zero marketing. Appointments lengths are typically 20 minutes. There is a F/T practice manager and P/T Laverty Pathology nurse (wks Tues + Thurs) who knows the regular patients well who may wish to stay on. An allied practitioner (Chinese Medicine and acupuncturist) uses the space on a sessional basis one or two days a week.
My client did a $1m fit-out in 2016 - there is absolutely nothing to spend. It is approximate 295m2 with 6 consulting rooms, a nurse room and 2x treatments rooms. The practice is running Best Practice and patient records are kept to a high standard. The practice is accredited and eligible for PIP and PNIP. The accreditation with GPA was to have been audited in March 2020 however, the COVID closures and precautions in the GP space means that this hasn't yet been done and will be rescheduled once the borders are reopened.
There are 4 car underground car parks allocated to the practice for the use of the practitioners. Most of the patients either live in the high rise residential or work in the local businesses so not a lot of need for patient car parking. There are 15 visitor car parks underneath the MC with lift access directly from the car parking to the level that the MC is on, being the first floor. Alternatively, there is a lift from the ground floor to the first floor plus some steps so 3 ways of accessing the centre.
The sales price includes all of the furniture, the fittings (not the fit out) plus the plant and equipment, together with current medical consumables. According to the 2020 Depreciation schedule, this is equivalent to $310,476 in value. Art work and fit-out is not included in the sale and will remain the property of the landlord.
Value of this acquisition:
- Computers - $36,682
- Furniture and Fixtures - $98,112
- Software - $7,550
- Medical Equipment - $145,192
- Office Furniture - $21,404
- Staff room items - $1,536
Total is $310,476
The rent has been recently appraised at $525m2 so rent will be $150K pa + GST + on-costs. In light of the current conditions, the vender is happy to give a 6 month rent free period to the incoming buyer; plus they will consider stepped payments towards the annual rent by the end of the first 18 months so potentially, 6 months free, then month 7 = $50K/12, month 8 = $58K/12, month 9 = $66K/12, month 10 = $72K/12, month 11 - $80K/12, month 12 = $88K/12, month 13 = $96K/12, month 14= $104K/12, month 14 = $112K/12, month 15 - $120K/12, month 16 = $128K/12, month 17 = $136K/12, month 18= $144K, month 19 = $152K pa. The landlord knows that it will take time for the business owners to re-establish a patient base in this site and is prepared to offer a long term lease, with flexible terms such as the above to incentivize a great tenant to make this lovely space their own. Alternatively, should you wish to commit to a long term lease for $150K from day one, the cost of the business purchase will be zero so plenty of options here!
To inquire on this business visit www.linkbusiness.com.au/businesses-for-sale/ca/NSW09374 and click on "enquire now"
For full details contact Sally Stuart email@example.com or on 0437 082 045.
Note: The purchaser to make his/her own investigations and inquiries in relation to the business and not to rely upon warranty or statement made by the vendor or by anyone on his/her behalf.