This article is from the Australian Property Journal archive
AN interstate developer has capitalised on the competitive healthcare property market, selling a medical and wellness centre in Brisbane’s north east just prior to completion for $8.125 million.
More than 300 enquiries were made for the Hendra Medical & Wellness Centre, about seven kilometres from the CBD, which had been fully leased during construction, including long-term deals with national tenants Kieser Training and Medicross medical for a weighted average lease expiry of 11 years, plus options.
Colliers’ Harry Dever and Chris O’Driscoll led the initial leasing campaign before selling the asset on a yield of 4.79% via expressions of interest.
Limbada Group is the new owner after jostling with private investors, syndicates and property funds wanting to deploy capital into a secure investment, according to the agents.
“Investors were drawn to the Hendra Medical and Wellness Centre for the strong underlying land value, long-term leases, and solid healthcare tenant covenants,” Dever said.
O’Driscoll said the healthcare property market has remained strong and resilient through the headwinds investors are currently facing through cost of debt, interest rate rises and inflation, and had proven it is a defensive asset class.
The Hendra Medical & Wellness Centre officially opened its doors at the beginning of September.
