Bank turned health hub trades for $8.8m
A second sizeable Caloundra CBD property has sold in as many weeks.
The ANZ Business Centre and bank, now a state of the art medical complex and gym, at 57 Bulcock Street, achieved $8.751 million at auction Thursday.
The result reflects a 5.48 per cent net passing yield.
With 1008 square metres over two floors, Avanti Health is on a new 10 year lease.
With options it can stay until 2045.
As part of the rental agreement, the tenant pays all outgoings including land tax and management fees.
Also this week, we reported Barwon Investment Partners sold a gym and healthcare investment north of Adelaide before auction.
Another Caloundra deal
The 826 sqm Avanti site contains 29 basement car parks.
Zoned Major Centre, it was marketed for its long-term development upside, up to 10 storeys.
Given the building repurpose was completed three years ago, at a cost of c$2.5m, the incoming owner will be able to claim tax depreciation benefits.
CBRE’s Louisa Blennerhassett with Burgess Rawson from CBRE’s Fin Hume and Neville Smith were the agents.
The deal comes a fortnight since we reported Henzell Property sold a waterfront development site comprising 133-143 Bulcock St (commonly known by 139) and 76 Omrah Avenue, for $17m.
Spreading 6813 sqm, including the ex-Suncourt Motel, it was offered permit-ready for two 10 level towers comprising apartments, retail and a five storey medical centre.
Caloundra is about 20 kilometres south of Maroochydore.
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