INVESTOR SNARES TWO ASSETS WITH A MEDICAL PROFILE
TWO rarely offered medical and professional services tenanted buildings north of Brisbane were snapped up by a local private buyer before auction.
They paid $8.3m for the buildings at 723 and 727 Albany Creek Rd, Albany Creek, in a deal struck by Raine & Horne Commercial’s Trent Bruce and Dave Miller on behalf of the original doctor of the centre and an investor.
Mr Bruce said the properties were marketed for sale through a six-week auction campaign and attracted more than 150 inquiries from interstate and local investors. “We’re finding that multi-tenanted investments are in high demand and these assets had a good-sized footprint directly opposite a Coles anchored shopping centre,” he said.
“Additionally, medical-related properties are always in high demand." “They seem to be Covidproof and GFC-proof, and with an ageing population they have a consistent return.”
The local private buyer bought it as a passive investment. The property has a diverse mix of 10 long-term medical and professional tenants in 1198sq m of space across the two buildings on a 3238sq m site with parking enough for 50 vehicles.
The transaction realised a yield of about 5.4 per cent and in the long-term there is potemtial for rental reversion.
It was the first time they had been put on the market since they were built about 27 years ago.
Mr Miller said medical-related assets were usually very tightly held and the Albany Creek buildings had generated good income for the vendors over a long period.
“There’s a lot of capital sitting on the sidelines and properties like these are very attractive to investors,” Mr Miller said.
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