Asset managers trade Brisbane medical centre
Dexus has sold a modern Clayfield medical centre after five years.
The asset manager is taking a hit on the sale of College Junction at 695 Sandgate Road for $30 million.
It paid $36.5m for the Healthcare Property Fund.
The on sale is to Westbridge Funds Management and Shore Invest.
College Junction
Completed eight years ago, incorporating the façade of the c1921 Durham Place, College Junction occupies 1490 square metres at the north east corner of Wagner Street.
Qscan Radiology is the anchor, on a lease expiring 2032.
Also with tenancies for other healthcare related group, office and retail, it contains 2949 square metres over three floors.
There are 64 car parks too, in a two level basement (continues below).
The weighted average lease expiry is 4.98 years.
Below replacement cost: Westbridge
A Westbridge spokesperson said it is buying College Junction below replacement cost, which it puts at $31.5m
The property also has a scheme for additional storey, adding a further 758sqm – or 26pc – to the lettable area.
The asset manager will hold its half stake in the Westbridge Medical Fund, launched August, now with four assets worth c$54m, including the Murray Medical Centre near Mandurah in Western Australia, and two Victorian assets, all which we reported it buying in September.
The trust is expected to hold eight properties worth a total c$100m.
Clayfield is an exclusive suburb, six kilometres north of Brisbane’s CBD.
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