A medical centre in Mandurah, south of Perth, has sold for $16.25m, as buyer demand for quality healthcare assets persists.
The property at 34-36 Minilya Parkway in Greenfields, known as the 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 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.
The asset was purchased by Westbridge Funds Management for $16.25 million in a deal negotiated by Knight Frank agents Sam Biggins and Tony Delich.
It was sold with a WALE of 4.0 years by income and an estimated net income of $1,141,002 per annum.
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 Biggins said buyer demand for quality healthcare investment properties was strong.
“Murray Medical Complex is a high-performing healthcare asset in one of Western Australia’s fastest growing and most populous cities,” he said.
“For healthcare investors, Mandurah has a favourable demographic profile, with a large over-50s cohort, in addition to strong population growth, with the region having consistently outperformed Greater Perth on this measure over the past five years.”
“The medical centre is well established, having been operating for more than 25 years, and is anchored by a General Practice that has been operating in the Mandurah region for more than 60 years.
‘We thank our vendor for entrusting us with this sale, and congratulate Westbridge on their acquisition and the expansion of their Westbridge Medical Property Fund. The purchase is testament to the attractiveness of primary care-focussed real estate given its defensive income profile, with stabilised cashflows and essential services nature.”
Westbridge Funds Management chairman Damian Collins said the Greenfields acquisition, the third in Westbridge’s Medical Property Fund, would help to achieve a targeted 12 per cent internal rate of return (IRR) through a combination of stable income yield and capital growth potential.
“We are pleased to secure this outstanding asset in the Peel region, which is one of the fastest-growing areas in the country,” he said.
“The acquisition demonstrates our ability to source high quality healthcare properties that meet the investment metrics of the fund. “
Mr Collins said the healthcare property sector was increasingly being sought after by investors for its defensive, non-cyclical characteristics.
“Medical properties are underpinned by non-discretionary spending and Australia’s long-term demographic trends, which ensures a consistent and growing demand for medical services,” he said.
Mr Delich added: “The Perth market, and key Western Australian regional centres continue to be keenly sought after by investors as returns on cash at bank have diminished. We expect sustained levels of enquiry from syndication houses and private investors to continue into 2026.”
Greenfields is a well-connected location 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.
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