Aviator offloads Ashgrove health hub

Aviator paid $33.5 million for the Ashgrove asset in 2017.

Aviator Capital has sold the Ashgrove medical centre which was its maiden Brisbane investment four years ago.

The Highpoint Wellness Hub at 240 Waterworks Road has collected $51.9 million from Elanor Investors Group (ENN).

The vendor paid $33.5m.

That seller, a partnership fronted by Trident, outlaid $12.5m in 2008 before undertaking a $6m renovation and extension, repositioning what was a retail asset as a health hub.

JLL’s Elliott O’Shea and Seb Turnbull sold the Highpoint Wellness Hub to ENN which will hold it in the Healthcare Real Estate Fund (EHREF).

The price reflects a 5.75 per cent capitalisation rate.

In June, a Melbourne based group outlaid $8.88m – reflecting a five pc return – for a modern Ashgrove medical centre at 9 Ashgrove Avenue.

The exclusive suburb is five kilometres west of the CBD (story continues below).

Highpoint Wellness Hub

On a 5648 square metre block, Highpoint Wellness Hub spread over two floors, with tenancies for a Good Life Health Club gym, a GP clinic with about 15 doctors, serviced offices and a Bank of Queensland.

There are 230 car parks, the bulk undercover.

EHREF now owns six assets worth a total of $253.1m.

Four are in Queensland, including the Southport’s Pacific Private Hospital, Woolloongabba Community Health Centre and 55 Little Edward Street, in Spring Hill. The balance, acquired in the past 10 months, are in Western Australia – the Rockingham Medical Centre and Broadway Medical Centre, at Ellenbrook.

Sydney based fund manager Aviator, meanwhile, has continued to invest in the sunshine state; in August it spent $17.05m on a supermarket converted office at Townsville.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.