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News release

Brisbane

Caboolture, Queensland - Bertha Street Medical & Dental Centre in Caboolture sold for AUD 4.5 million


​BRISBANE, 12 June 2014 - Bertha Street Medical & Dental Centre at 21 – 25 Bertha Street, Caboolture has been sold for $4.5million in an off-market transaction secured by JLL’s Simon Quinn and Sam Hatcher.

The property, which is securely leased to Primary Health Care Ltd until October 2017, with two further five year options was purchased by Arena REIT No.2, formerly the Sydney Healthcare Trust, and currently one of Australia’s leading Health/Medical real estate funds.

The lessee, Primary Health Care Ltd is one of Australia’s leading listed healthcare companies, offering a broad range of medical and related services in their network of medical, and pathology centres across Australia. They are also a principal provider of healthcare technology solutions to medical practitioners, medical practices and hospitals.

Purpose built in 2007 on 2,267sqm of land, the building comprises 822sqm of GLA with frontages to both George and Bertha Streets, with the site also comprising of 36 at-grade car bays.

The property provides an Estimated Annual Net Income of $403,047 per annum, reflecting a yield of 8.96%.

“Investors continue to be drawn to the sector due to the asset class’s intrinsic defensive income profile,” said JLL’s Mr Simon Quinn, who specialises in health/medical real estate transactions for JLL. 

“We are witnessing a definite increase in demand for health/medical opportunities and we expect to see some yield compression across the market over the next 12 months.”