Natgen secures another Gold Coast investment
National & General Group, or Natgen, has bought another fully leased Gold Coast investment.
For a single asset fund set to run five years, the penthouse suite of Southport’s Premion Place medical hub is setting the group back $9.65 million – a 7.3 per cent net passing yield.
With 1226 square metres of A-grade space, part configured as an oncology clinic, and 35 car parks, it is leased to Icon Group, Australia’s largest dedicated cancer care provider, until 2033.
That rental agreement includes annual rent rises the greater of CPI or five per cent.
CBRE’s Mark Witheriff, Nick Selbie and Nick Kennedy brokered the deal for Southport Clinic which paid the developer Strategic Properties $7.2m for then then-new asset in 2008.
The deal comes five months since Natgen outlaid $9m for a three storey Helensvale office, Alder Place, with a 5.9 year weighted average lease expiry.
19/39 White Street
Icon is on a 25 year lease so could stay at 19/39 White St beyond the initial term.
Brisbane based Natgen has acquired it via the Natgen Investment Trust (SP24), now seeking to raise $6.2m from investors, promising an annual 8pc return, paid monthly, for five years (story continues below).
“This acquisition reflects our ongoing confidence in the potential of south east Queensland’s growth corridor and particularly the Gold Coast,” the fund manager’s managing director, Steven Goakes, said.
“With a strong blue-chip medical tenant, this acquisition provides Natgen investors with a long-term, high-quality income stream in a growing sector,’ he added.
“The purchase fits with Natgen’s investment philosophy and focus on specialty assets such as medical facilities, which exhibit strong resilience irrespective of the economic climate,” according to the executive.
Over eight levels, Premion Place offers views from Broadwater to the mountains. There is also a multi-level car park.
Southport is three kilometres north of Surfers Paradise.
Also this week we are reporting Wingate Group and Shore Financial are buying the suburb’s Queen Street Village, recently developed on part of the ex-Gold Coast Hospital site.
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