 Asset Class: | Medical |
 Price: | $ 15275000 |
 Net Yield: | 7.00 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Off Market |
<span style="color:rgb(0, 0, 0);"><b>Prime Medical Centre With Exceptional Yield and Development Potential</b></span><br><br><span style="color:rgb(0, 0, 0);">This is a unique high-yield, off-market opportunity to secure a dominant freestanding metropolitan Medical Centre, underpinned with a tenant of 60+ years servicing the local community.</span><br><br><span style="color:rgb(0, 0, 0);">Located at the heart of Mandurah’s healthcare precinct, 50m to Peel Health Campus and directly opposite a brand new 1,300m2 Genesis Cancer Centre, the property is exposed and easily accessible from the Kwinana Highway. With an immediate catchment of over 90,000 people, Mandurah Health is one of the most established medical clinics in Western Australia. With a highly strategic central landholding of 6,295sqm and combined triple street frontage of 127m, the subject property is undeniably premium in nature.</span><br><br><span style="color:rgb(0, 0, 0);">The Centre features essential medical services such as Cardiology, Radiology, GP’s, Gynaecology, Sleep Specialist and a Pharmacy.</span><br><br><span style="color:rgb(0, 0, 0);">Mandurah is a dual winner for the world’s most liveable city and has become a popular lifestyle alternative for Perth retirees. The median age sits at 45 years according to the Census 2021, which is significantly above the Australian average of 38 years. This suggests that there is a much greater need for medical services.</span><br><br><span style="color:rgb(0, 0, 0);"><b>What We Like About This Asset</b></span><br> <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(0, 0, 0);font-weight:normal;font-style:normal;">Sought after Medical Centre in central location with long tracking history</span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> </span></p></li><li style="list-style-image:none;"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">High Rental Yield for medical asset</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">Catchment of 90,000 people with median age of 45 years suggests higher need for medical services</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">Easy access, convenient parking and great street exposure</span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> </span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">Extensive building extensions post 2010 > depreciation benefits</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">6 established medical tenants</span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> </span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">Under 32% site coverage > development upside</span><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"> </span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">127m street frontage, corner lot > development benefit</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">Opportunity to increase turnover through sundry income (signage, telecoms, vending machines, solar panels charge, entertainment & kiddy rides)</span></p></li></ul>
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Is this property strata titled?
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How long has the current tenant been on site?
How long has the tenant been in business?
Is this property in a flood zone?
Is this lease a leaseback arrangement?
<span style="color:rgb(0, 0, 0);"><b>The Medical and Retail Market</b></span><br><br><p style="background-color:rgb(255, 255, 255);"><span style="color:rgb(0, 0, 0);">Mandurah has a diverse range of businesses and industries in the medical and retail sectors. The medical market includes a variety of healthcare services such as general practitioners, specialist medical centers, dental clinics, physiotherapy, and allied health services. There are also larger healthcare facilities like the Peel Health Campus, offering hospital and emergency services. Additionally, the presence of aged</span><span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);"> care facilities reflects the region's focus on healthcare for seniors.</span></p><p style="background-color:rgb(255, 255, 255);"><br></p><span style="color:rgb(0, 0, 0);">The retail market in Mandurah is similarly varied, with a mix of large shopping centers like Mandurah Forum and the Dolphin Quay Shopping Centre offering a wide range of retail outlets, supermarkets, and entertainment options. The city also supports local boutique shops, cafes, and restaurants catering to both locals and tourists. Additionally, the Mandurah Marina area is a hub for waterfront retail, with specialty stores and</span><span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);"> leisure-oriented businesses.</span><br><p style="background-color:rgb(255, 255, 255);"><br></p><span style="color:rgb(0, 0, 0);"><b>Lifestyle & Population</b></span><br><br><span style="color:rgb(0, 0, 0);">Mandurah is a superb place to live and raise a family. It offers an exciting mix of residential developments, from family homes and modern apartments within new estates to luxurious homes nestled among canal waterways. Mandurah forms part of the Peel Region, located just one hour’s drive from Perth. It is bordered by the Indian Ocean to the west, with Jarrah forests and farmlands of the Darling Range leading east to the bordering wheat</span><span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);"> belt.</span><br><p style="background-color:rgb(255, 255, 255);"><br></p><p style="background-color:rgb(255, 255, 255);"><span style="color:rgb(0, 0, 0);">Mandurah has also become a popular lifestyle alternative for Perth retirees and its</span><span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);"> connection with the Perth CBD has been strengthened with </span><span style="color:rgb(0, 0, 0);"> the opening of the Perth-Mandurah railway line in December 2007 and a direct road connection to the Kwinana Freeway built late 2010. The median age in Mandurah sits at 45 years, well above the Australian and WA median age of 38 years. This suggests a much</span><span style="color:rgb(0, 0, 0);background-color:rgb(255, 255, 255);"> greater need for medical services.</span></p>
Additional Location Information File<b>1) Access Cardiology</b><br><br>Access Cardiology is the premier facility for cardiac consultation, testing and preventive treatment in Western Australia.<br><br><span style="color:rgb(255, 0, 0);"> </span><a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.accesscardiology.com.au/"><u>https://www.accesscardiology.com.au/</u></a><br><br><b>2) Apex Radiology</b><br><br>Apex Radiology has been serving the South West of Western Australia for more than 25 years. We offer Radiology and Tele-radiology services to WACHS, private medical facilities, public hospitals, and community centres. We also have independent medical imaging practices throughout Western Australia.<br><br><a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.apexradiology.com.au/"><u>https://www.apexradiology.com.au/</u></a><br><br><b>3) Mandurah Gynaecology Specialist</b><br><br>Mandurah Gynaecology Specialists provide specialist Gynaecological care to the community in our private rooms located conveniently close to the Peel Health Campus at Peel Specialists Centre, Minilya Parkway in Greenfields. <br><br><a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.mandurahgynaecologyspecialists.au/"><u>https://www.mandurahgynaecologyspecialists.au/</u></a><br><br><b>4) Place of Dreams</b><br><br>A local West Australian-owned and operated small business. Born from the vision to use our passion and experience in sleep health to help people get a better night's sleep and find the energy to live the life they dream.<br><br><a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://placeofdreams.com.au/"><u> https://placeofdreams.com.au/</u></a><br><br><b>5) Murray Medical Group</b><br><br>Murray Medical Centre Mandurah has been providing quality family healthcare for over 60 years to Mandurah and the surrounding community. MMC is a family practice supported by a team of experienced doctors, nurses, midwife, Allied Health care professionals (including a Psychologist & Dietitian) as well as other specialists. The Practice also offers a treatment room facility with a dedicated rostered doctor. <br><br><span style="color:rgb(255, 0, 0);"> </span><a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.mmcmandurah.com.au/en/"><u>https://www.mmcmandurah.com.au/en/</u></a><br><br><b>6) Mandurah Discount Drug Store</b><br><br>Discount Drug Store is your trusted discount pharmacy where low prices, special offers, and our exclusive DiscountPlus™ rewards are a daily assurance. Unlike other overwhelming pharmacy experiences, with us, you’re in for a simplified health journey.<br><br><a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.discountdrugstores.com.au/"><u>https://www.discountdrugstores.com.au/</u></a>
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According to the agent, under the leases all outgoings are recoverable, except for the management fee of the drug store.
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Note that come of the lease evidence below is considered secondary to the Greenfields Medical Centre that is anchored by a high performing GP, located within a high-profile medical precinct that includes the Peel Health Campus and being positioned directly opposite Genesis, and incorporating a robust tenancy mix of specialist medical practitioners. 1/34-36 Minilya Parkway, Greenfields – 87m2 - $489/m2 (Cardiology) 2/34-36 Minilya Parkway, Greenfields – 268m2 - $662/m2 (Radiology) 3/34-36 Minilya Parkway, Greenfields – 71m2 - $559/m2 (Gynaecology) 4/34-36 Minilya Parkway, Greenfields – 140m2 - $537/m2 (Sleep Specialist) 5/34-36 Minilya Parkway, Greenfields – 839m2 - $570/m2 (GP) 6/34-36 Minilya Parkway, Greenfields – 575m2 - $508/m2 (Pharmacy) 71 Allnutt St, Mandurah – 21m2 - $545/m2 48 Dolphin Dr, Mandurah – 82m2 - $488/m2 4 & 5, 9 Gordon Road, Mandurah – 440m2 - $492/m2 Mandurah Day & Night Pharmacy - 195m2 - $1,389/m² Sales Comparable: 34-36 Minilya Parkway, Greenfields – 1980m2 - $7,715/m2 273 Pinjarra Road, Mandurah – 455m2 - $7,022/m2 21-29 Havelock Street - 4,856m2 - $10,317/m2 (high underlying land value
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<b>Purchase Price: </b>$15,275,000* <i>(the board of owners have verbally agreed to that price)</i><br><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Initial Asking Price:</b> high $15M</p><br><p style="padding-left:5.4pt;"><b>Current Base Rent:</b> $1,105,446pa + Outg + GST (excl<span style="padding-left:5.4pt;">mng)</span></p><br><p style="padding-left:5.4pt;"><b>Less Management:</b> $35,445pa + GST (pharmacy not recoverable<span style="color:rgb(255, 0, 0);">)</span></p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Current Net Rent:</b> $1,070,000 + Outg + GST (incl<span style="padding-left:5.4pt;">mng)</span></p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Current Net Yield:</b> 7% (incl mng)</p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>NLA / Land:</b> 1,980sqm (31.4%) / 6,295sqm</p><br><p style="padding-left:5.4pt;"><b>Purchase Rate per sqm</b>: $7,715/sqm (incl 4,315sqm<span style="padding-left:5.4pt;">hardstand)</span></p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Blended Net Rent per sqm:</b> $558/sqm (considered within fair market range for high-profile location)</p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>100% Outgoings Recoverable:</b> Allowance for management fees not to be recoverable (subject to provision of leases)</p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Age of Asset:</b> original building around 1960,<span style="padding-left:5.4pt;">building extensions after 2010</span></p><br><p style="padding-left:5.4pt;"><b>Any Incentives in the Lease:</b>Agent response: “any offer<span style="padding-left:5.4pt;">should be conditional upon all lease incentives (if any) being adjusted at settlement”</span></p><br><p style="padding-left:5.4pt;"><b>Are Seller & Tenant Related:</b> No</p><br><p style="padding-left:5.4pt;"><b>Vacancy Status:</b> Fully Tenanted – expect re-<span style="padding-left:5.4pt;">letting time of around 2-4 months in current market</span></p><br><p style="padding-left:5.4pt;"><b>Flood Zone:</b> No</p><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Bushfire Zone:</b> Yes, overlap but no direct<span style="padding-left:5.4pt;">impact on insurance, finance or value of property</span></p><br><p style="padding-left:5.4pt;"><b>Contamination:</b> Clear</p><br><p style="padding-left:5.4pt;"><b>Asset Composition: </b></p><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="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Freehold</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">6,295sqm land</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;"> </span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">127m street frontage (corner</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;">lot)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Total of 1,980 sqm of NLA (31.4%</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;">site coverage)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">6 Suites total</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Suite 1 – 87sqm (Access</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;">Cardiology)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Suite 2 – 268sqm (Apex</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;">Radiology)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Suite 3 – 71sqm (Gynaecology)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Suite 4 – 140sqm (Place of</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;">Dreams)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Suite 5 – 839sqm (Murray Medical</span><span style="color:rgb(51, 51, 51);padding-left:5.4pt;font-weight:normal;font-style:normal;">Group – GP’s)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Suite 6 – 575sqm (Pharmacy)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="padding-left:5.4pt;display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">104 Car park spaces</span></p></li></ul><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span></p><p style="padding-left:5.4pt;"><b>Infrastructure Level:</b> Tier 1</p><br><p style="padding-left:5.4pt;"><span style="padding-left:5.4pt;"> </span><b>Key Highlights:</b></p><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">Freehold with 6,295sqm of land</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">1,980sqm of building area</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">Original building 1960 + building extensions post 2010</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">Rental Income: $1,070,000 + Outg + GST (incl mng)</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">Dual street frontage of 127 metres</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">6 established medical tenants</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">Under 32% site coverage > development upside</span></p></li><li style="list-style-image:none;color:rgb(25, 25, 25);"><p style="display:inline;"><span style="color:rgb(25, 25, 25);padding-left:5.4pt;font-weight:normal;font-style:normal;">Extensive building extensions post 2010 > depreciation benefits</span></p></li></ul>
