This article is from the Australian Property Journal archive
THE premises of Fullerton Health-operated Noosaville Seven Day Medical Centre have changed hands for $1.825 million, at a circa 7% yield.
Offered to the market for the first time in 27 years, Lot 4, 18 Thomas Street sold with a new five-year lease returning $127,724 per annum net with 4% annual increases.
The medical clinic has operated from the property since 1994. Fullerton Health operates more than 225 medical centres across seven countries.
The 271 sqm building has a 30 sqm mezzanine space and is on a 301 sqm site within the Noosa Homemaker Centre, which includes RipCurl, Forty Winks, ToyWorld, Options Eyecare, Domino’s and McDonald’s.
Nick Dowling of Colliers brokered the sale.
Two years ago, private owners traded the 1,461 sqm showroom on Lot 1 of the large format centre for $4.2 million at a yield of 7.5%, with a return of around $316,000 per annum from tenants including national brands Forty Winks and Rivers.
