Barwon Investment Partners has secured an Adelaide medical centre for $8,040,000 as it continues to grow its Barwon Healthcare Property Fund.
CBRE’s Mitch Curnow and Harry Einarson negotiated the off-market sale and leaseback of the Melrose Park centre, located at 161-163 Edward Street.
The deal was negotiated with a 10-year leaseback to Allcare Medical Centre on a triple-net basis.
“This transaction marks the first sale in 2018 of a medical leased investment property in Adelaide,” Mr Curnow said.
“Barwon Investment Partners has been very active in South Australia for the past three years, with the acquisition of 161-163 Edward Street representing the group’s sixth purchase of a medical/health based asset during this period.”
The Melrose Park centre has a gross lettable area of circa 970sqm and occupies a land area of approximately 2,700sqm.
It is the latest purchase for the Barwon Healthcare Property Fund, which was launched in late 2014 to provide wholesale investors with a portfolio of equity investments in Australian healthcare properties.
Barwon partner Tom Patrick said; We are very pleased to have concluded another acquisition in Adelaide. The centre is a very well established, high performing medical centre and complements our existing South Australian assets which include medical centres, mental health facilities, pathology laboratories and diagnostic imaging clinics.”
The Barwon fund targets healthcare or healthcare related properties with a view to providing investors with attractive income return, quarterly distributions, and potential for capital growth.
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