Dexus, Westbridge trade $43m medical centre
EXCLUSIVE
Dexus has sold a three-building mixed-use essential services investment four years after acquiring, upgrading and fully leasing it.
Through its funds-management business, the group is banking $43 million for the Noosaville Medical and Professional Centre at 90 Goodchamp Street, Noosaville.
Westbridge Funds Management and Shore Invest are the buyers for a trust now calling on investors promoting a 13.5pc internal rate of return over an expected five-year hold.
The price reflects a 7.7 per cent net passing yield.
It is also about 31pc below Shore’s estimated replacement value, with the buyer putting the cost of replacing the buildings at $61.5m and the land at $16.9m.
Noosaville Medical & Professional Centre
Dexus paid $35m for the Noosaville property in December, 2022.
On 1.69 hectares with 396 car parks it contains 9681 square metres split as 33 tenancies, some with specialised medical infrastructure, like radiation therapy bunkers.
The anchors are GenesisCare, with 15 per cent of the area measured by income, Noosa Radiology (12pc) and ASX-listed AppleBerries Early Education, for a 150-place childcare centre, with 10pc (continues below).
Ramsay Health and Noosa Shire Council are other high-profile occupiers.
There is also a chiropractor, breast screening clinic, pharmacy and general practice clinic, and medical imaging providers.
Securely leased
Shor Invest’s marketing material cites the lettable area at 7461 sqm.
Dexus offered it with a two-year rental guarantee covering the vacant tenancies.
Its leasing material shows eight empty suites totalling 1,499 sqm.
That in mind, the weighted average lease expiry by income is 3.8 years.
JLL’s Simon Quinn and Thomas Thorsen were the agents.
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