The Elanor Healthcare Real Estate Fund has acquired the Woolloongabba Community Health Centre in Brisbane for $37.25 million, reflecting a 6.0% capitalisation rate.
The Woolloongabba Community Health Centre is located within a prime health precinct close to the Princess Alexandra Hospital. This acquisition further enhances EHREF’s portfolio quality with the property being fully leased to the Queensland Government’s Metro South Health Department.
A 27-chair dental surgery and mental health administration services occupy the 4,966 square metres of net lettable area, providing a weighted average lease expiry of 5.4 years. The property has 134 car bays and is situated on a substantial 4,150 square metre site with favourable zoning.
The Woolloongabba Community Health Centre is the third acquisition for EHREF. The Fund’s portfolio is now valued at over $161 million.
ENN CEO, Glenn Willis, said: “Healthcare real estate has proven to be resilient during COVID-19. As a result, we continue to experience strong investor demand for the Fund and look forward to making further value enhancing acquisitions for EHREF. We see healthcare real estate as an area of significant growth potential for the Group.”
ENN Co-Head of Real Estate and EHREF Fund Manager, David Burgess, added: “The Elanor Healthcare Real Estate Fund delivers superior risk-adjusted returns by investing in commercial healthcare properties where tenants provide vital ‘out-of-public hospital’ services. This strategy
capitalises on the growing cost pressures on the healthcare system, and combined with advances in health technology, is driving the delivery of healthcare services to lower-cost day surgeries and medical centres.”
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