Ochre Health sells new Caloundra hub for $15.3m with a leaseback

In a similar deal two months ago, Mater Misericordiae Limited acquired a Newstead site for an office then flipped it with a leaseback to a Charter Hall fund targeting social infrastructure-backed investments.

Ochre Health has sold a new Caloundra medical centre with a leaseback for $15.3 million.

The 1964 square metre double storey complex at the north west corner of Ormuz Avenue and Kalinga Street (pictured, top) is trading to a Sydney private investor on a 5.39 per cent yield.

The national primary healthcare provider is committed for 15 years; it only recently completed construction on the 2428 sqm parcel which cost $3m last year.

Licensed for 20 practitioners, Ochre Health Hub is fit out for physiotherapy, radiology and other specialist clinics.

It also has several procedure rooms enabling minor and major surgeries – and a cafe.

Ochre Health built it after outgrowing a smaller complex in the immediate vicinity, in Caloundra’s centre.

The town is about 25 kilometres south of Maroochydore and four times that north of Brisbane (story continues below).

Ochre Health the latest occupier to drive tactical Queensland deal

Savills’ Michael Harcourt said Ochre Health viewed the move to build a facility across the street incorporating pharmacy and allied health providers – “a one-stop-shop for the community” – as strategic.

Colleague Peter Tyson added “the medical and allied health sector continues to be a highly coveted asset class, which has been accelerated by increased demand or long leased real estate tenanted by essential services”.

Prosper Group’s Damien Holliday represented the buyer, who will also be able to claim property tax depreciation benefits.

In October not-for-profit Mater Misericordiae Limited undertook a somewhat similar play to secure its Brisbane accommodation and a cash windfall – buying an unbuilt office then selling with a leaseback to a Charter Hall fund focused on social infrastructure investments.

The Caloundra land from a 2019 marketing campaign when it was offered as a permit-ready development site.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco