In a move that ratifies the growing demand for COVID-proof assets, a strata-titled investment within a medical precinct has sold for $13.7 million.
Located 14 kilometres from Brisbane’s central business district, the 1275-square metre Upper Mount Gravatt property at 1808 Logan Road was sold to a private local investor with a yield of 5.18 per cent.
The move highlights the increasing demand for healthcare assets that has occurred since the pandemic started, according to Ray White Commercial TradeCoast agent Franz Stapelberg.
“There has been very strong interest in medical properties as investors are looking for more secure investments,” he said.
“1808 Logan Road is a dedicated medical precinct with quality national and local medical professionals,” Mr Stapleberg added. “[It] presented a unique opportunity to secure a defensive investment with security from global pandemic conditions.
“Located between the Greenslopes Private Hospital and Sunnybank Private Hospital, Mr Stapelberg described the property as “a pandemic-proof asset as all tenants offer essential services”.
The Upper Mount Gravatt is currently fully leased and home to four different medical tenants, including One Care Family Doctors, Ramsay Pharmacy, My OT Crew, and CODA Disability Support, which bring in a net annual income of $705,099.
In addition to the existing tenants, the inclusive property offers disability access to all patrons, as well as numerous external services for clients and employees. This includes two hospital-grade lifts, 146 secure onsite parking spaces and an onsite ambulance bay.
Additionally, located within 5 kilometres of five different train stations, it represents a multifaceted asset that caters towards a breadth of tenants and patrons.
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