PERTH-based syndicator Properties & Pathways has acquired the multi-tenanted Logan Central Medical Centre in south east Queensland from Centuria for $12.19 million.
Logan Central Medical Centre sits on a 6,130 sqm corner site at the intersection of Logan and Wembley Roads and has 10 single-level tenancies, encompassing 1,850 sqm. The centre is anchored by ASX-listed Sonic Healthcare, including IPN Medical Centre, QLD X-Ray, and Sullivan Nicolaides Pathology.
The facility also provides 44 car parks available for visitors and staff.
Mike Walsh and Peter Court of Cushman & Wakefield, along with Simon Quinn and Thomas Thorsen of JLL negotiated the sale on behalf of Centuria.
“The non-cyclical income stream and increasing demand, driven by higher life expectancy and an ageing population in Australia, have made healthcare real estate an appealing investment,” Walsh said, adding that substantial government investments and the growth of the private health insurance sector have contributed to the expansion of healthcare expenditure in the country.
The City of Logan LGA is projected to experience significant population growth in the coming years, particularly within the 65-plus age group.
Late last year, Properties & Pathways completed its divestment of a portfolio of six industrial and logistics infill sites in Melbourne, Brisbane and Perth for $78.8 million, while in the middle of the year it sold large format retail assets in Bathurst and Townsville for a combined $36.55 million.
