A lot of medical practices set up in commercial premises, often in buildings or developments designed to offer a range of healthcare services. But it’s also common to set up medical rooms in a house that’s been repurposed to suit the needs of the business. Unsurprisingly, the age-old question of location, location, location can play a big part in your success, because patients are more likely to visit if it’s quick and easy to find.
Judging by the number of medical practices across all disciplines set up in suburban residential areas, patients enjoy the convenience of going to a nearby medical specialist. Local amenities like coffee shops and other forms of retail therapy no doubt add to the appeal of a ‘neighbourhood’ medical practice.
And under most circumstances, a well-supported medical practice will be a successful one. Banking on this promise of success, our specialised Private Clients Medical Professionals banking team offers loans of up to 90% of the property’s value.
Benefits of investing in commercial property
Property will always be an attractive investment. It makes sense to invest in a property that you will own one day, instead of paying rent to a commercial property company.
More importantly, property tends to grow in value over time, so your asset will be worth more if you decide to sell it in 5, 10 or more years. That value will be influenced largely by the appeal of the neighbourhood the property is in. Choose wisely – you don’t want your property’s value to stagnate or fall.
Finding the right property can, and should, take time. You don’t want to choose something hastily only to rue the decision later. And most importantly, you don’t want to overextend yourself by buying a property you can’t afford.
That said, property remains a solid investment, especially property with Business 1 zoning rights. This is the least restricted category of business zoning, so almost any type of business can operate from the premises. In the right location getting lots of traffic, you should have little trouble securing a good price if you decide to sell.
Commercial property loan conditions
Depending on the type of medical practice you have, you may consider buying a residential property with outbuildings to convert into your work-from-home consulting rooms. You could do this with a residential home loan in your personal capacity. However, as your practice grows, traffic in and out of your premises may become an issue in a residential neighbourhood. You might need to apply to have the property rezoned to house a commercial medical practice on the site.
