OzProp hands Brisbane healthcare asset to interstate buyer
OzProp has sold a Brisbane medical and allied health investment, with a federal government-backed office, held 12 years.
The Gold Coast-based fund manager banked $10.57 million for 279-287 Oxley Avenue, Margate.
It paid $6.5m through the OzProp MM Trust.
The on sale was struck at a 6.59 per cent net passing yield.
The buyer is Annerley Group, headquartered in Sydney’s Martin Place.
Stonebridge Property Group’s Harrison Coburn, Michael Collins, Thomas Proberts and Aike Sakeson brokered the off-market deal.
Redcliffe Peninsula investment
On 3240 square metres at the north-west corner of Keenan St, the asset, also known as the Margate Medical Centre, contains tenancies for Imaging Queensland, a subsidiary of ASX-listed Integral Diagnostics, and a Smiles dentist.
Offices are occupied by Centrelink and employment services provider atWork Australia.
All up there is 1147 sqm of lettable area over two floors.
The weighted average lease expiry is 1.9 years (continues below).
There are also 46 car parks.
Margate is about 25 kilometres north of Brisbane’s CBD.
Exposed site
The short lease profile gives Annerley scope to renegotiate tenancies.
On two-titles, the investment could also be sold down.
Annerley Group co-founder and chief investment officer Jay Anderson said the property’s location, existing healthcare services and parking were among its attractions.
The District Centre zoned holding also has development upside – up to 12 metres – opposite the Woolworths-anchored Margate Village Shopping Centre, where it is passed by some 12,900 vehicles a day.
Redcliffe Hospital is also close.
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