Elanor Investors Group (ENN) has paid Mair Property Funds $12 million for an Ellenbrook healthcare asset.
The Broadway Medical Centre will be the fifth property tipped into the Elanor Healthcare Retail Trust (EHREF), which is now worth $201.2m.
“We are pleased to have secured a further high quality…healthcare real estate asset for the fund,” ENN chief executive officer Glenn Willis said.
“The healthcare sector continues to attract strong investor demand,” he added.
“We look forward to acquiring further high investment quality assets for the fund in the near term”.
Ellenbrook is about 30 kilometres north of Perth.
Five months ago – for EHREF – ENN spent $22.9m on a modern Rockingham medical centre, c40km south of the CBD.
Last November the manager outlaid $80.2m on a Woolloongabba (Brisbane) asset which includes two offices: one rented to Queensland Health and the other, to Brisbane Catholic Education (story continues below).
Broadway Medical Centre
The Broadway Medical Centre deal reflects a six per cent capitalisation rate.
MPF paid $8.1m four years ago – holding it in the Diversified Property Trust.
On a 5076 square metre block, 7/150 Coolamon Boulevard, at the north east corner of The Broadway, was completed in 2014.
The 1596 sqm building is fitted with nine tenancies and is permitted to trade seven days a week.
It is one of five medical centres allowed in the suburb. The catchment is more than 40,000.
“The Broadway Medical Centre is fully leased and further diversifies the fund’s high quality tenant mix,” ENN co-head of Real Estate and EHREF fund manager, David Burgess, said. “Growth in the healthcare sector and the shift to ‘out-of-public hospital’ services continues to provide significant expansion opportunities for private sector healthcare operators”.