Residential investment Property to Medical Practice?

Discussion in 'Investment Strategy' started by Curiousmind, 14th Feb, 2021.

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  1. Curiousmind

    Curiousmind Member

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    Residential investment Property to Medical Centre?

    Hello!

    I have a residential investment property in Pakenham very close to the station about 900m.

    Having lived in the area before I always struggled to find medical practioner and have seen a trend of residential properties being converted to medical centres.

    I was thinking to convert my 3 bedroom house which is on 800 Sqm block into a medical centre and really with a view to --

    - Provide a facility in the area
    - Hoping commercial leasing is more profitable? I am not too sure !

    I really dont have any experience and this is just a curiousity. I was wondering if you had any experiences to share to help guide me?

    Many thanks!
     
  2. jaybean

    jaybean Well-Known Member

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    Tip #1: Unless your question is "when will this property bubble pop?", don't ask questions on Whirlpool :)
     
  3. Curiousmind

    Curiousmind Member

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    May be my question is just another way of asking it? ;)
     
  4. jaybean

    jaybean Well-Known Member

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    You think converting it to commercial is a way to hedge the market? I suppose it might be. Doctors will never not be in a job!
     
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  5. Curiousmind

    Curiousmind Member

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    I have a descent house sitting on a big block in middle of a hugley in demand residential area. I could develop the block and make it two residential properties or convert it to commercial. However I have no experience in running/managing or even leasing a medical practice. Now do you have anything to share on the Q?
     
  6. jaybean

    jaybean Well-Known Member

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    No sorry. The only pointless bit of wisdom I had to contribute was to avoid Whirlpool lol
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Have you checked the zoning? What is permissible?
    Is there a chemist and other allied services located around the property?
     
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  8. Jason H

    Jason H Active Member

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    Hello, came across this chat and am curious how this conversion to commercial went. I have an IP that seems suitable for this as well (family oriented area, corner plot, busy road) and would really like to research more on this idea. Thanks a lot!
     

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