Medical Centre sells for $11m

Burgess Rawson’s Luke Randazzo recently sold the 168 Corfield Street facility off-market for $11,262,350 to Centuria Capital. It will form part of their Healthcare Property Fund, within a $115m portfolio. Mr Randazzo said the vendor had undertaken internal upgrades over the years, but no structural changes. “The sale represents an outstanding yield and purchase price for this blue chipped medical asset and reinforces the strong appetite in the market for quality medical leased investments, highlighting the continued attention Western Australia is receiving from the east coast for investment opportunities,” he said.

The property is made up of a fully leased 1296 sqm medical centre on a 5302 sqm corner block of land with a passing income of $580,011 per annum and 6.7 year WALE. The property, which is leased to Partnered Health Pty Ltd, sold with a 5.15 per cent yield.