Whanganui medical centre in Castlecliff for sale with long-term lease

Dr Praveen Thadigiri and nurse practitioner Jane Dutton moved into the new Living Waters Medical complex in Rakau Rd in February 2018. Photo / Bevan Conley

A new purpose-built medical centre with a guaranteed tenant should be an exciting prospect for investors, Whanganui real estate agent Russell Duggan says.

The Living Waters Medical building at 5 Rakau Rd, Castlecliff, is for sale by auction on June 4, if not sold earlier.

It comes with a long-term leaseback to its current owner, Living Waters Medical Solutions. The company will pay an annual rent of $140,000 plus GST, with a further four four-year rights of renewal.

.

The building, constructed in 2017-18, is the only medical centre in Castlecliff. It has at least 10 staff, including the sole director of Living Waters Medical Solutions, Dr Praveen Thadigiri.

He took ownership of the former Virginia Lodge Rest Home this year. Neither he nor manager Kylie Wagstaff were available to comment on the company's business plans.

However, Living Waters Medical Solutions was looking to expand its business, Duggan said. As well as moving into aged care it was looking at other opportunities.

The Castlecliff Health building, now Living Waters Medical, is large and single-storey. Photo / Bevan Conley

The Castlecliff complex is a large building of some 500sq m, with eight consultation rooms. It sits on a 2367sq m site with parking for 20 vehicles and could be expanded.

It is zoned industrial in the Whanganui District Plan, and has an A+ earthquake rating. It has a low maintenance Totalspan steel frame construction and its consultation, procedure and meeting rooms all have heat pumps.

The building won the MediSpace Good Space Award in the New Zealand Primary Healthcare Awards last year.