Gold Coast purpose-built day surgery and specialist centre up for sale13 February 2024
A medical building in the heart of the Gold Coast’s business district is up for sale.
The property at 18 Marine Parade in Southport, known as The Eye Centre, is a five-level purpose-built Day Surgery & Specialist facility with net lettable area of 2,346sq m on a 1,198sq m site, and 78 car bays.
It is anchored by tenants Short Street Day Surgery (Ramsay Healthcare) and Eye & Laser Centre Gold Coast.
The property is more than 70 per cent occupied by a complementary mix of tenants and specialities including ophthalmology, dental and cosmetic, with a ground floor cafe.
It is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Christian Sandstrom and Sam Biggins.
The property has a WALE of 2.78 years by income, with a net passing net income of $928,412 and an estimated fully leased net income of $1,406,183.
The facility, completed in 2002, is located in a prominent Broadwater-facing position at the entrance to the Southport CBD.
Mr. Biggins said strong buyer interest in the property was anticipated, with demand for medical real estate continuing to increase and new investor capital seeking to be deployed into the asset class.
“18 Marine Parade will suit investors as well as partial owner-occupiers, with part of the property vacant,” he said.
“The long-established nature of the tenant businesses onsite provides for a stable income profile and staggered lease expiry, with the additional opportunity to add value through leasing the balance of the building.
“The property has undergone significant capital expenditure and base building services upgrades, including lifts, fire panel, security systems and on-floor amenities.”
Mr. Sandstrom said: ‘The property occupies a prime position at the entrance to the Southport CBD, and benefits from being within the Southport Priority Development Area.
“The 1,198sqm site has uninterrupted Broadwater views and offers significant redevelopment potential under the PDA planning framework.
“We anticipate active enquiry from private investors and family offices who will take a long-term view on the location and redevelopment potential.”
The Expressions of Interest campaign for the property will close at 4pm AEST on Thursday, 14th March.