Newmark pays $41m for Sunshine Coast medical centre
Newmark Capital has picked up a government-anchored healthcare facility on the Sunshine Coast for $41.08 million.
The Maroochydore Community Health Centre at 60-62 Dalton Drive was sold by Centuria, which inherited the investment following its 2019 acquisition of a controlling interest in Heathley’s funds management platform.
The specialist healthcare disability group developed the three-storey property in December 2018.
The end value then was $23.4m.
Melbourne-based Newmark Capital was co-founded in 2011 by former Hawthorn footballer and AFL Commission member Chris Langford and property executive Simon Morris.
The deal comes five months since we reported it sold Melbourne’s Tooronga Village shopping centre to Charter Hall for $79m.
Maroochydore Community Health Centre
On 7030 square metres in Maroochydore’s principal centre precinct, Maroochydore Community Health Centre contains 6572 sqm of lettable area and 185 car spaces.
Nineteen community-based health services are based there including for adult and child mental health, chronic conditions, eating disorders and family health services.
Queensland Health is an anchor (continues below).
Fully leased, 79 per cent of the $3.17m annual net passing income is derived from government and government-linked tenants.
The weighted average lease expiry was 4.04 years as at September 1.
7.7 per cent yield
The sale price reflects a passing yield of about 7.72 per cent.
JLL and MP Commercial were the agents,
Eight bids were received, they said, from domestic syndicators and healthcare groups.
Centuria paid $24.4m for its Healthy stake, establishing Centuria Heathley.
The sale is part of the fund’s broader wind-down, with the asset manager also offering the remaining assets.
Subscribe to our newsletter at the bottom of this page.
