Syndicates swoop on WA medical centre, QSR investment
Barwon Property Funds has sold the Vasse Medical Centre, near Busselton (pictured, top).
Local syndicate Optimus Private Equity is the buyer of 21 Napoleon Promenade, Vasse, for $9.25 million.
The deal reflects a 6.44 per cent net passing yield.
On 3155 square metres, with 64 car parks, it contains 1557 square metre centre is configured with 11 tenancies – one occupied by the Duchess@Vasse medical centre since 1987.
A dentist, physiotherapists, podiatrists and psychologists are other tenants.
Part of Vasse Village, it is opposite Bunbury Farmers Market and a Coles.
The region, 11 kilometres south west of Busselton and a two and a half hour drive from Perth, is considered the gateway to the Margaret River region.
Barwon paid $8.6m in mid-2017.
“This modern and high performing centre attracted buyers due to the strength of its covenant, being tenanted by established healthcare providers across a complementary mix of medical subsectors and anchored by a GP that has been operating for nearly 40 years,” Knight Frank agent Sam Biggins, who marketed 21 Napoleon Promenade with Cory Dell’O’lio’ and Tony Delich, said.
More than two million vehicles pass the property each year, they added.
Service centre fetches $6.75m
Meanwhile, a local syndicate has picked up an Osborne Park service centre and two small shops, for $6.75 million.
The deal for 7-11 Hutton Street, in Perth’s north west, reflects a building rate of $3024 per square metre, Colliers’ Aiden Austen and Richard Cash said.
The weighted average lease expiry is 4.78 years, they added.
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