Centuria realises modest profit on day hospital sale
Centuria has realised a modest profit selling a Far North Queensland healthcare investment after three years.
The Ramsay Surgical Centre, in the heart of Cairns, cost the manager $22.5 million, for the Healthcare Property Fund.
It is selling for $23m – a seven per cent yield – to Real Asset Management.
That group’s Essential Services Trust will now hold it.
Knight Frank’s Greg Wood and Sam Biggins with JLL’s Simon Quinn and Thomas Thorsen were the agents.
Modest profit
Permitted to operate 24 hours, Cairns Day Hospital at 156-160 Grafton Street, on the corner of Florence, contains 2473 square metres over two floors, with four theatres and a pathology sampling testing facility – all fitted with specialist medical infrastructure (story continues below).
Fully leased, Ramsay Health is the anchor, occupying two thirds.
QML Pathology rents too; it invested a significant amount on its 405 sqm PC-2 laboratory, its chief asset of this type for the greater Cairns region.
Also with a pharmacy tenancy, and 37 car parks, the weighted average lease expiry is 5.4 years.
Also today, we are reporting RAM selling a north Brisbane healthcare asset after four years.
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