Brisbane Centrelink flipped after repurpose
An ex-Centrelink bought and repurposed last year as a medical centre and offered fully let has been flipped for $10.1 million.
The result for 89 Tingal Road, Wynnum, reflects a 5.4 per cent yield.
Evercare, led by Steven Dahl, was the seller.
It paid $5.1m for the 933 square metre building on 1204 sqm last April.
Another $6m is said to have been spent on the fit-out.
Mr Dahl listed the property with another at Redcliff, offered with a long leaseback to Evercare.
89 Tingal Road
The Wynnum property was offered with a 10 year lease to Sonic Healthcare’s Queensland X-Ray (continues below).
With options, the occupier can stay until 2056.
The land has development upside, zoned Major Centre,
RWC Medical’s Nicolas Milner and Franz Stapelberg were the agents.
The buyer, WTBSC Property Group, is speculated to be connected to the Brisbane Spine Clinic.
Wynnum is 14 kilometres east of Brisbane’s CBD.
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