Heathley buys Yarrabilba Medical Centre in excess of $11m

Sydney-based fund manager Heathley has swooped on a brand-new medical centre at the rapidly expanding Yarrabilba Estate south of Brisbane.

The Yarrabilba Medical Centre occupies a 2,564sq m lot adjoining a Coles Supermarket and McDonald’s Restaurant at the entrance to the Yarrabilba Estate.

The Centre comprises of a 1,080sq m single level building occupied by a Terry White Chemmart pharmacy, medical centre, dentist, pathologist, physiotherapist, and other allied health, plus a Stellarossa Café and Restaurant.

The property, developed by Eildon Funds Management, was purchased by Heathley for over $11 million on a yield of 6.45% in an off-market transaction.

Savills Retail Investments Peter Tyson and Michael Harcourt represented Eildon Funds Management in the sale and leasing of the asset.

Mr Tyson said the medical centre represented an excellent investment opportunity by virtue, its high profile location, and long lease expiry profile.

“This was a unique and attractive offering, given the centre’s tenant profile and long lease expiry profile, combined with its pole position at the entry to the future city of Yarrabilba, which is forecast to become home to around 45,000 residents on completion,” Mr Tyson said.

“It is also ideally located directly adjacent to the new full-line Coles supermarket, and will provide essential amenities to the fast-growing Yarrabilba population.”

The sale of the Yarrabilba Medical Centre follows the divestment of the development site earlier in the year by Coles, following an open market Expressions of Interest campaign which was also handled by Savills.

Mr Harcourt said the sale of the development site attracted a high level of interest from prospective developers, including the eventual byer – Eildon Funds Management.

Following the original sale of the development site, Savills were appointed by Eildon Funds Management to handle the leasing, and ultimately the sale of the completed medical centre.

Mr Tyson said it was exciting to be involved in all facets of the project.

“We are very proud to have been involved in every stage of the development – from the initial sale of the development site on behalf of Coles, to the leasing of the entire building, and the sale of the completed medical centre for Eildon Funds Management,” Mr Tyson said.

Yarrabilba is a large-scale fully master planned community and future city being developed by LendLease.

Situated 40 kilometres south of Brisbane, the residential project comprises some 2,029 hectares and is expected to deliver around 17,000 residential dwellings for an estimated 45,000 residents.