This article is from the Australian Property Journal archive
A SYDNEY-based investor group has splashed out $21 million for a medical, NSW government and large-format retail complex in Wollongong’s Warrawong in an off-market deal.
Located at 67-71 King Street, the 5,259 sqm asset is fully occupied and has a net income of $1,412,569, showing a yield of about 6.7%.
NSW Health’s Illawarra Shoalhaven Local Health District supports the building servicing over 400,000 residents in the region in addition to a brand-new high-spec medical and dental centre trading as King Street Dental and Medical.
The property is also home to one of Wollongong City Council libraries and ASX-listed furniture retailer Nick Scali, and sofa specialists Plush’s large format retail showroom.
The high-profile highway site offers a landholding of 4,875 sqm with 68 on-grade car spaces strategically positioned on the “Golden Mile” of Warrawong’s King Street.
Burgess Rawson’s Geoff Sinclair and Yosh Mendis brokered the off-market transaction.
“Healthcare investments continue to perform at unprecedented levels solidifying the strength of the sector,” said Burgess Rawson’s Geoff Sinclair.
“This is demonstrated by the sheer volume of active underbidders requiring premium medical-grade assets.”
