Asian investor snares inner city shops, day hospital

The East Brisbane strata space (shaded) sold for $12.5 million.

A two storey strata titled commercial space beneath the 10 level The Wellington Apartment Hotel, in East Brisbane, has sold to an Asian investor.

Two thirds of 45A Wellington Road’s income comes from healthcare providers.

The 1379 square metre asset at 45A Wellington Road, anchored to the Renaissant Aesthetic Health East Brisbane day hospital, traded for $12.5 million.

Two thirds of the income is derived from day hospitals and healthcare tenants.

A retail tenancy at the East Brisbane property, rented to The Functional Skin.

One of the spaces previously traded as the Form & Function Centre plastic surgery.

A skin car retailer and restaurant also rent.

The asset also includes nine car parks.

Elsewhere in the area, at the Woolloongabba border, Pellicano recently applied to build a $225 build to rent project, Sarazin acquired an apartment development site while the Mathieson family bought the Woolloongabba Hotel.

In 2020, Sentinel purchased the Woollongabba Community Health Centre, for $37m.

Olympics a demand driver: agents

Colliers’ Tony Wang, who marketed 45A Wellington Rd with Nick Wedge and Chris O’Driscoll, said the precinct is considered a central hub for the 2032 Olympics.

“The site offers a great opportunity on the corner of Wellington Rd and Overend Street right near the Woolloongabba precinct that has been recognised as Brisbane’s next major central hub for the 2032 Olympics,” Mr Wang said.

“Woolloongabba is experiencing major growth and in 2032 it will be the same as Homebush was 20 years ago,” he added.

“We can expect to see more Asian capital moving here as properties come to the market,” according to the executive (story continues below).

Part of 45A Wellington Road once accommodated the Form & Focus plastic surgery.

Mr Wedge added the Olympics are an accelerator for the creation of the “next generation” of CBD and inner city real estate precincts.

“A corner site located within a two kilometre radius of the CBD and close to the soon to be opened Cross River Rail, this site offered a terrific opportunity for investors,” he said.

“For some time, industry experts have been forecasting that Brisbane would be the best performing capital city market over the coming three years,” according to the executive.

“As of January 2022, Brisbane was outperforming all other Australian capitals, with a total annual return for 2021 of 33.7pc, ahead of Sydney’s 20.2pc and Melbourne’s 12.7pc.

“Brisbane is experiencing one of the greatest infrastructure booms in history with over $50 billion in progress.

“Over the next 20 years, the Brisbane 2032 Olympic and Paralympic Games are forecast to generate economic and social benefits of $8.1b for Queensland and $17.6b for Australia according to…Queensland Premier Annastacia Palaszczuk”.

Mr O’Driscoll said the Wellington presented a unique inner city investment opportunity with essential services and complementary tenants.

“The opportunity, anchored and operated by Renaissant East Brisbane Day Hospital, which is a custom designed day hospital, is further complemented with a mix of health and retail tenants, he added.

“With strong rental income from a premium medical facility certified as a Level 2 Day Hospital and located in inner city Brisbane, this was a great opportunity,” according to the executive.

“This investment offering, within one of Brisbane’s prominent suburbs, will give the buyer long term security and potential rental growth”.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of