High-Performing GP-Anchored Medical Investment for Sale

A high-performing medical asset in Mandurah, situated around 70 kilometres south of Perth, is up for sale.

The property at 34-36 Minilya Parkway in Greenfields, known as the Murray Medical Complex, is 100% occupied and anchored by GP Murray Medical Centre, an established 17-room clinic which occupies more than 42% of the 1,979.5sq m of net lettable area.

Other complementary medical tenants include a large format retail pharmacy, cardiology, radiology, gynaecology and sleep apnea clinic.

Murray Medical Complex occupies a high exposure 6,295sq m corner site with 104 on-grade car parks, in the heart of Greenfield’s thriving healthcare precinct. It has a WALE of 4.0 years by income and an estimated net income of $1,141,002 per annum.

The property is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Sam Biggins, Cory Dell’Olio and Tony Delich.

Mr Biggins said Murray Medical Complex is a high-performing healthcare asset that offers investors an opportunity to secure a well-established medical asset in one of Western Australia’s fastest-growing and most populous cities.

“Being 100 per cent occupied, it offers secure income for an incoming investor,” he said.

“Dual ingress and egress points provide excellent accessibility and convenience for patrons of the facility which supports the tenant businesses.

“The property, which is the pre-eminent private medical complex in the Greenfields precinct, has been trading for more than 25 years, and is anchored by a well-established 17-room General Practice that has been operating in the region for over 60 years.

“Murray Medical Complex shares a boundary with the Peel Health Campus, which serves as the primary medical precinct for Mandurah and the surrounding regions. The campus, which includes a 206-bed General Public Hospital plus associated community care and outpatient facilities, announced a $152m redevelopment earlier this year.”

Mr Dell’Olio said the location of the Murray Medical Centre was advantageous, being a highly accessible site located in the Southern growth corridor, with a favourable demographic profile.

“Population growth in the City of Mandurah has consistently exceeded Greater Perth over the last five years, with the over-50 cohort statistically overrepresented,” he said.

“There are close to 30 retirement living and residential aged care facilities within a 7.5-kilometre radius of the property.

“Greenfields is also well-connected through public transport, with local bus routes and easy access to the Mandurah Train Station. In combination with easily accessible links to the Freeway network, travel to Perth and surrounding areas is convenient.”

The Expressions of Interest campaign for the property will close at 2pm (WST) on Thursday, June 19.