Massive, modern clinic in Adelaide seeks either a new owner, an investor or another GP to join their team! $50K will buy 20% equity + $100K = 40%

• Buy into the business or buy the whole business!

• Beautiful new location (less than 1 yr old) w/ all new fittings & fixtures

• 10 kms from Adelaide's CBD so not a DWS

 

We are only a new practice (opened Dec 2015) and open to investment in our practice from working GPs. We would also be open to discussions with other practices that may be interested in merging into our practice; and will consider a walk in walk out sale! 

 

The current directors are happy to release up to 40% of the business, for $100K, and this might be to several buyers or to one buyer. 10% of the equity is worth $25K. They are looking for GP's that want to join in the profit sharing of their business. 

 

The clinic is all BB and the GPs are on a 70/30% fee split. 

 

Currently 4x GP's wkg there, one female P/T and 3 males. One male does almost f/t hrs and the others are p/t. 

 

They have allied health on site too, including a diabetes educator, physio + podiatrists. They have path paying rent, Australian clinical labs and nursing support. 

 

Within the complex, there is a government dental business and a young mother's support group called Talking Reality. The vicinity is like a mini health hub. 

 

There is space also for a pharmacy and they are in discussions with a nearby pharmacy to have them move into that space. The lease is a 10x5x5 yr lease with the right of refusal in place for the freehold should the current owners decide to sell. 

 

The associate would be asked to pay their portion of the bank guarantee which is equivalent to 3 months rent, and also to take over a part of the Medfinn loan and interest which is $180K + $30K so $210K in total for the fit-out and equipment. 

 

The pt demographics of the suburbs around this clinic are Vietnamese, Indian and Slavic/Croatian so someone with additional language skills from these countries would be highly regarded as would a GP with an interest in women's health! 

 

The Opportunity

- Medical centre with massive long term potential on a prominent community site in an area set for significant population growth in the next 2-3 years.

- Leasehold only, but with last right of refusal to buy site.

- All the hard work is done in setting up the practice – fitout, accreditation, PIPs etc. Currently has a patient base over 2,000 (with limited marketing) and is perfect for a corporate buyer or group of GPs with the capacity to grow it into its long term potential.

 

Location

Westwood Medical Centre is positioned to be the primary GP clinic in the “Westwood” precinct (FKA “The Parks”) servicing Angle Park, Ferryden Park, Mansfield Park, Athol Park, Regency Park, Wingfield, Croydon Park, Woodville Gardens et al.

 

- 10km from the Adelaide CBD in an area undergoing significant transformation.

- It is a brand new medical centre within a purpose-built community healthcare facility housing Westwood Medical Centre, SA Dental and Talking Realities, plus a vacant tenancy most likely to be a pharmacy in future.

- Great location on a prominent site adjacent community gym, community centre, Adelaide Olympic soccer club, 2 x childcare centres, future public library; also nursing homes in the area & industrial estates in surrounding suburbs etc.

- Growing population / patient base in the area - new 400+ dwelling development proposed for Parks site immediately adjacent the medical centre; Mansfield Park and Ferryden Park schools recently demolished and housing developments proposed (100+ houses each, within a minute’s drive); Woodville Gardens site for sale for planned redevelopment of 400+ houses (within a minute’s drive).

- Not DWS but area is chronically underserviced for GPs

 

The Practice

- Growing practice, operating for 10 months, >2,000 patients, 150-200 patients per week with massive potential for growth with additional FTEs

- Fully equipped with state of the art technology, 50Mb fibre optic connection and good IT Support

- Tenancy is approx. 375sqm

- 14 consulting rooms in total + spacious 2 bed treatment room

- Bulk-billing

- Current GPs receive 70% of billings, but each GP is negotiated case by case

- Good nursing support

- Allied health and onsite pathology in place

- Ready for AGPAL accreditation

- PIPs, PNIPs and ePIPs in place

- Ownership group has another medical centre which they grew from scratch into a profitable practice seeing 600 patients per week within 18-24 months. Shared services currently in place between the two practices.

 

Financials

- August gross billings ~$50k

- MedFin Loan = $182,827.25, 6 year fixed @ 5.99%, director’s guarantees

- Rent is $133,926 per annum + outgoings (approx. $2.2k per month) – 10+5+5 lease, no director’s guarantees

- ~$400k fitout was included

- Pathology rental $60k p.a. year 1, $80k p.a. year 2 + CPI thereafter, 5+5+5 years, potential to improve with more GPs

 

What we are seeking

- A working GP or group of GPs to buy in, willing to sell a significant % of the business

- Full or partial acquisition of the company

 

Currently 3 GPs, but only 1 FTE, scope for up to 8 or more FTEs long term, additional GPs will see direct impact on bottom line.