Heathley buys four more medical units for $16 million
Lots 7-10, 956 Gympie Road, Chermside have sold. Photo: Picasa

Heathley buys four more medical units for $16 million

Medical asset specialists Heathley has extended its reach at the Chermside Medical Complex in Brisbane, buying up four more units leased to Icon Cancer Care and Cura Group for $15.875 million.

Asset and fund manager Heathley now owns both the ground and first floors of the building, about two-thirds of the floor space.

On the first floor, Icon Cancer Care occupies lots 7 and 8 and have a lease until 2023 with options while Cura Group is in units 9 and 10 until 2025. The total floor space of all the units is about 1900 square metres.

The purpose-built medical complex was built in 2008.

The Cura Group properties sold at a net yield of 6.44 per cent. The yields on the other two was confidential.

Colliers International’s Sam Biggins and Shalain Singh who sold the assets said interest in medical assets has been rising and they had also caught the attention of many offshore high net worth buyers too.

Buyers were keen on the asset class’s better and less compressed yields, Mr Biggins said.

The Chermside assets were particularly attractive situated, opposite one of the biggest Westfield shopping centres in the country.

Icon Cancer Care is a global cancer care specialist which started in Brisbane and is now backed by global investors including QIC and Goldman Sachs, while Cura Group is a subsidiary of the Deutsche-bourse listed Fresenius.

Two syndicates of medical practitioners sold the properties to the active Heathley, which is listing Healthcare real estate investment trust which owns hospital and day surgeries.

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