Carina retail investment collects $12.5m
A Carina retail investment – 97 per cent occupied by health and medical groups – has sold for $12.5 million.
The price for the I-Med Carina and Old Cleveland Road Clinic reflects a 5.81pc net passing yield
On 5713 square metres, the District 1 zoned site was marketed for its longer term development upside; it can make way for four storeys.
Carina is seven kilometres south east of Brisbane.
I-Med Carina and Old Cleveland Road Clinic
Covering 799 and 805 Old Cleveland Road and 24 Osterley, the investment contains 1689 sqm of lettable area configured as eight tenancies.
Jenny Craig, Pacific Rim Distributors, Snap Fitness, a GP, pathologist and radiologist are amongst the occupiers.
There are also 93 car parks (story continues below).
“Medical investment assets are in strong demand despite the pressures of the pandemic,” CBRE marketing agent Darren Collins said.
“Health and medical tenants are largely insulated from the current economic conditions, providing security of investment,” he added.
Four months ago, Centuria paid $12.7m for the Murrumba Village Medical Centre at Murrumba Downs, about 30km north of town.
Last November, Barwon Investment Partners offloaded the Newmarket 7-Day Medical Centre, on the city fringe, for $11.4m – speculated to have reflected a circa five pc return.
Over a year ago, a Melbourne investor outlaid $8.88m for a modern healthcare facility in ritzy Ashgrove, with an 8.5 year Weighted Average Lease Expiry.
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