Medical fund manager sheds Brisbane investment
A Healthley fund has sold neighbouring Brisbane essential services investments held eight years.
The medical focused asset manager is banking $19.5 million for 332 and 342 Old Cleveland Road, Coorparoo.
The deal, with Vector Property, reflects a seven per cent net passing yield.
With 1608 sqm and 42 car parks, the asset is tenanted to Queensland X-ray, Terry White Chemmart and Coorparoo Clinic.
In one of Brisbane’s more exclusive suburbs, the 2496 square metre site is zoned Mixed Use 3.
Healthley paid $18m – a 6.25pc return – for the Direct Medical Fund No 2.
It was represented for the sale by JLL’s Mark Stafford, Simon Quinn and Thomas Thorsen.
An expressions of interest campaign closed April.
Last week we reported HMC Capital shed four essential services investments from the HealthCo Health and Wellness REIT including a Genesis backed centre in Chermside, for $9.47m, for which it paid $13m in 2023.
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