 Asset Class: | Multi-Tenanted |
 Price: | $ 19500000 |
 Net Yield: | 7.34 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Off Market |
Rethink Investing is pleased to present 11 Bell & 15 East Street, Ipswich. A meticulously refurbished investment, fully leased to predominantly government and healthcare tenants. This rejuvenated investment opportunity lies within Queensland’s foremost growth corridor in the Ipswich / West Moreton region. An area hallmarked for rapid residential and commercial expansion leading up to the 2032 Olympic Games.<br><br>The 2020 refurbishment included new air conditioning, lighting, security, amenities, floor coverings, ceilings, glazing, façade and finishes throughout, along with a new passenger lift. The property is DDA compliant throughout and has a solar system on the rooftop creating significant income for the property. There is Car Parking for 72 cars representing a market leading ratio of 1:41sqm. Fully occupied by unrivaled Ipswich covenants in Queensland Health (51%), who hold a first-generation long-term lease to July 2031. Alongside, Friendly Care Pharmacy, MyHealth Medical Group, The Salvation Army Queensland and Shine Lawyers.<br><br>Located within a 2 minute walk of the Ipswich train line and Nicholas Street’s $250m rejuvenation, 2 minute drive from the Riverlink shopping centre and within a kilometre of the Ipswich hospital. 11 Bell & 15 East Street provides a compelling value proposition for the occupier market, given its suitability to premium healthcare, Government and private sector tenants.<br><br>The property allows for multiple value add strategies, including market rent reviews, lease extensions and most importantly the development oppurunity, providing the discerning investor the potential opportunity to provide solid capital growth in the short and medium term.<br><br>We look forward to securing this opportunity for you.
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<span style="color:rgb(51, 51, 51);"><b>Queensland Government | West Moreton Hospital & Health Service / Expiry June 2031 | 51% of Gross Income</b></span><br><br>West Moreton Health provides health and wellbeing services to more than 320,000 people across the Somerset, Scenic Rim, Lockyer Valley and Ipswich communities. Its borders stretch to the north of Esk, west of Gatton, east of Ipswich and Springfield, and south of Boonah. WMH provide preventative and primary healthcare services, ambulatory services, acute care, sub-acute care, and oral health, mental health and other specialised services (including prison health services and alcohol and other drugs services) to the region. West Moreton is the fastest growing region in Queensland in relative terms with a population that is expected to almost double to 588,000 by 2036 (QLD Government 2024).<br><br><br><b>Friendly Care Pharmacy Ipswich / Expiry May 2030 | 11.7% of Gross Income</b><br><br>Friendly Care pharmacies currently have eight (8) locations across Australia including Ayr, Booval, Burleigh, Ipswich, Jacobs Well, Nundah and Sandgate. The brand trade under the banner of Australian Friendly Societies, an Australian Federal Government backed society focussed on providing families and their communities with healthcare services.<br><br><b>myhealth MyHealth Medical Group / Expiry December 2032 | 9.4% of Gross Income</b><br><br>MyHealth Medical Group is a national medical consulting group and general practice. MyHealth is underpinned by a 90% ownership stake to Medibank, who from late 2023, have continued to commit investment to support the critical role MyHealth Medical Group GP's play in their communities.<br><br><b>Shine Lawyers / Expiry November 2029 | 9.5% of Gross Income</b><br><br>Shine Lawyers is a publicly listed law firm specialising in compensation, class actions and insurance cases. This represents the head office for shine lawyers in Ipswich and a important presence for the firm.<br><br>*Approximate
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<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Underpinned by Exceptional Government and Medical Covenants: </b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">The fully leased asset is anchored by Government healthcare provider West Moreton Hospital & Health Service and further underpinned by national and ASX listed occupiers in MyHeath Medical Group, Friendly Care Pharmacy, Shine Lawyers and The Salvation Army.</span></p></li></ul><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Extensively Refurbished, Rejuvenated Asset:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> 11 Bell & 15 East Street has seen an extensive capital refurbishment program to date replacing all building services and amenities, with Queensland Health preparing to undertake an premium fit-out program of their tenancy.</span></p></li></ul><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Secure Income Stream: </b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Fully leased net passing income of $1,433,153 per annum and a WALE of 5.13 years, presenting exceptional investment credentials with no immediate expenditure required.</span></p></li></ul><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Occupying a Large land lot with Exceptional Carparking Ratio: </b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Situated on an expansive 4,023 sqm* block, the property encompasses 72 parking spaces providing an exceptional car parking ratio of 1:41. </span></p></li></ul><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Future Development Potential:</b></span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> Zoning provides for future development of 20 levels (STCA).</span></p></li></ul>
