Greenfields convenience, healthcare investment trades for $16m

The Greenfields asset includes a Caltex service station and McDonald’s restaurant.

A Greenfields essential services backed retail and healthcare investment with the potential to be sold down in parts is trading for $16 million to Mair Property Funds for its near new MPF Diversified Fund No 3.

Murray Medical Centre across the road (outlined) was listed for sale 12 months ago.

The five year old Greenfields Commercial Centre, on 8449 square metres at the north east corner of Lakes Road and Minilya Parkway, also with access to Kookaburra Drive, comprises a Caltex petrol station, McDonald’s restaurant and GenesisCare cardiology clinic.

CBRE’s Richard Cash and Tess Dillon brokered it on a 5.67 per cent yield.

The Weighted Average Lease Expiry is just over a decade.

The asset had a slightly higher price expectation when it was listed mid-year.

Each occupier tenants a separate building, which prospective purchasers were offered individually.

In a healthcare precinct, three kilometres east of Mandurah, the property is opposite Murray Medical Centre, which coincidentally was listed in January seeking a similar (c$15m) price.

A GenesisCare cancer centre and the 260-bed Peel Health Campus are in the immediate area (story continues below).

Local sales activity

Greenfields is about 72 kilometres south of Perth’s CBD.

A fortnight ago, Elanor Investors Group managed Healthcare Real Estate Fund picked up a medical centre at Rockingham, between the region and the city, for $22.9m.

In May a Melbourne investor paid $6.3m for the Halls Head Shopping Centre, just west of Mandurah.

Not long earlier Wolfdene Projects, which is also Victorian, spent $19.7m on a low-density housing estate at South Yunderup, about 17 km south east of there.

Eleven months ago, Primewest’s Diversified Income Trust No 4 outlaid $32m on a near-new Woolworths-backed shopping centre, Greenfields Mandurah.

The 35 Minilya Parkway property MPF has just picked up is the second for MPF Diversifield Fund No 3.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of