Barwon divests regional medical centre
Barwon Investment Partners has sold another regional Western Australian asset from the Healthcare Property Fund.
The group is effectively breaking even on the sale of 205 Spencer Street, South Bunbury, after five years, to a Perth based private investor, for $6.925 million.
Trading as the Bunbury Medical Centre, with 1157 square metres fully leased to Sonic Healthcare divisions, IPN Medical Centres and Clinipath Pathology, the result reflects a 6.85 per cent net passing yield.
The weighted average lease expiry is four years
The 3324 sqm site also contains 41 car parks.
Barwon maintains Bunbury presence
Barwon paid $6.9m for the purpose build medical centre at 205 Spencer St in mid-2020.
The following year it outlaid $552,500 for a 768 sqm neighbouring property (43 Constitution Drive), leased to a dentist, not part of the $6.925m onsale.
The asset manager also holds a refurbished healthcare investment at 114 Spencer St, South Bunbury, which cost $4.1m, again in 2021.
St John of God occupies that on a lease expiring in about six years.
South Bunbury is about 170 kilometres south of Perth’s CBD.
CBRE’s Derek Barlow marketed 205 Spencer St.
His deal comes three months since we reported Barwon sold Busselton’s Vasse Medical Centre to local syndicate Optimus Private for $9.25m – a 6.44pc yield.
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