This article is from the Australian Property Journal archive
A MEDICAL centre asset has sold for $12.5 million in Brisbane, as healthcare investments continue to draw in buyers.
The 5,714sqm elevated site, located 6.8km south east of the CBD in Carina, known as I-Med Carina & Old Cleveland Road Clinic includes 1,689sqm of retail space and eight separate tenancies.
Darren Collins, associate director of Queensland retail investments at CBRE managed the sale via an expressions of interest campaign, with the sale price reflecting a tight 5.81% yield.
“We received 136 enquiries for this sought-after medical asset which led to seven conforming offers at the close of the campaign,” said Collins.
With frontages to Old Cleveland and Osterley Roads, occupiers include a GP, a radiology clinic, Snap Fitness Gym and a diagnostic testing laboratory, with the allied health and medical leases underpinning 97% of the site’s income.
“Medical investment assets are in strong demand despite the pressures of the pandemic. Health and medical tenants are largely insulated from the current economic conditions, providing security of investment,” concluded Collins.
Reflecting this momentum in the sector, HomeCo recently struck an agreement with PDG Corporation to collaborate in developing new healthcare precincts, while HomeCO also just confirmed its $80 million acquisition of the Proxima project on the Gold Coast for its healthcare trust.
Meanwhile, APH Holding has been given the go ahead for the first stage of its $320 million health precinct in Box Hill, Melbourne, Ryman Healthcare came out on top of a competitive sales campaign, securing a large-scale infill development site in Melbourne’s south eastern corridor for more than $30 million,while Dexus has added the Spring Hill Medical Centre and carpark in Brisbane’s inner north to its Healthcare Property Fund for a combined $130.7 million.
