Fund manager buys house to expand prominent medical centre
Eleven months after buying the high-profile Logan Medical Centre, Properties & Pathways has bought a three bedroom home on a half-acre next door securing it longer term development upside.
Its latest asset, 289-293 Kingston Road, Logan Central, is setting it back $950,000.
The sale is a boon for the vendor which paid $500,000 in 2015 as an investment.
Knight Frank’s Jacob Heinke and Hayden Ryan brokered the latest off market deal.
Two acres in growth corridor
Properties & Pathways is Perth based.
For the Unit 22 trust, it paid $12.19 million for the Logan Medical Centre with two buildings on 6130 sqm at 295 Kingston Rd, on the north west corner of Wembley, opposite the DiMauro Group of Companies’ Logan City Centre mall (story continues below).
Anchored to Sonic Healthcare subsidiary IPN Medical Centres, and with a total 1850 sqm lettable area – it was returning annual rent of $827,000 though 350 sqm was vacant.
That seller, Centuria, outlaid $6.45m in 2005.
Logan Central forms part of a residential growth corridor about 22 kilometres south of Brisbane’s CBD, near the Gold Coast’s northern outskirts.
Also today we are reporting the local council, the City of Logan, sold Invest Logan’s former headquarters at Springwood for $4.07m – a small drop on the price it paid in 2019.
Last year meanwhile, the Park Ridge Town Centre, in the municipality, traded for $86m.
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