Westbridge buys another Queensland medical centre
Westbridge Funds Management has acquired its second Queensland healthcare investment, paying $18.4 million for the Hermit Park Medical Centre in Townsville.
The 3081 square metre complex at 183 Charters Towers Road, Hyde Park, was sold by Eastbrooke Centres.
Refurbished and extended shortly after COVID, it includes a pharmacy and tenancies for allied health practitioners.
A Green Leaves Early Learning Centre also occupies part of the building.
The weighted average lease expiry is 6.5 years.
The 6856 sqm site contains 78 car parks.
Westbridge head of capital transactions Simon Worth said the acquisition aligned with the fund’s mandate to target income-producing and value-add healthcare assets.
He added the property benefits from a prominent corner position with exposure to about 27,000 vehicles a day.
JLL’s Simon Quinn, Thomas Thorsen and Mark Stafford were the marketing agents (continues below).
Westbridge doubles down in Queensland
Hyde Park is about three kilometres south west of Townsville’s CBD.
The purchase follows Westbridge’s $30m acquisition two months ago of the College Junction Medical Centre in Clayfield from Dexus.
Westbridge chairman Damian Collins said Queensland’s population growth was underpinning demand for healthcare infrastructure, citing Australian Bureau of Statistics data showing 1.8 per cent annual growth in the year to June 2025.
The Hermit Park asset is the fifth acquisition for the Westbridge Medical Property Fund, launched last year. The vehicle is valued at about $72m with a mandate to exceed $100m.
Outside the fund, Westbridge manages about $130m of medical centre investments.
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