This article is from the Australian Property Journal archive
BRISBANE-based Allamanni Developments is planning a medical centre project around an existing Qscan facility after buying the Redcliffe property in a $10.4 million off-market deal.
The 4,454 sqm site adjacent to Redcliffe Hospital at 6 Silvyn Street sold through Colliers Queensland agents Nick Wedge and Chris O’Driscoll on behalf of RAM Group.
“The long-term commitment from Qscan as an anchor tenant certainly validates the site for additional medical uses and adds considerable value to our proposed development,” said Allamanni’s acquisitions manager, Irina Monnier.
“We are excited to collaborate with healthcare professionals to deliver top-tier medical and rehabilitation facilities for the benefit of the local community.”
The asset currently brings $616,000 per year in passing income, with the sale showing a 5.41% yield.
Roughly half of the site is leased to Qscan until March 2032 with the balance land providing an opportunity for further development.
“The rise in demand for essential services in recent years, such as medical centre assets will continue due to the increased resilience to economic conditions,” Wedge said.
Matthew Strotton, RAM’s executive director and head of real estate, said, “The sale of the Redcliffe asset above book value underscores RAM’s strategic expertise in healthcare asset management and value creation”.
O’Driscoll said the medical sector remained one of the most buoyant sectors in commercial property, with ongoing government investments in healthcare instrumental in driving the expansion of the sector.
“The surge in population has fuelled the demand for medical centres, strengthening the position as a viable investment opportunity.”
