Barwon sells South Coast medical centre
EXCLUSIVE
Barwon Investment Partners has sold a South Coast NSW medical centre after seven years.
The asset manager is speculated to be banking about $12.6 million for 21-23 Denison Street, Wollongong – known as the Sonic HealthPlus Wollongong.
It paid $10.08m in 2018 – just after it had undergone a major refurbishment.
Sonic occupies the 1117 square metre complex with 36 car parks on a lease expiring in 2031.
Based on the rent it pays – c$744,000 ex-GST and outgoings – the result reflects a sub six per cent yield.
On 2787 sqm zoned Mixed Use 1, the land has significant development upside after that, JLL marketing agents, Mark Stafford, Thomas Thorsen and Simon Quinn, said.
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