Barwon secures Princess Alexandra Hospital car park
Barwon Investment Partners, as manager for the Healthcare Property Fund, has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.
The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused investor back $100 million, reflecting a circa four per cent net passing yield.
The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health.
A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.
The 5106 sqm block can make way for 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn.
Development planned
Barwon partner and Healthcare Property fund manager, Tom Patrick, described 250 Ipswich Rd as irreplaceable.
“We foresee a huge opportunity to develop this asset and deliver leading medical services infrastructure including an area for private hospitals, out-patient and consulting premises, not-for-profit and education uses along with public health services,” he added.
“This healthcare infrastructure is set to receive positive economic tailwinds due to being located within a
key health precinct and receiving funding at a government and private level,” according to the executive (story continues below).
“This asset is primed to benefit from some of Queensland’s major transport projects currently underway, along with a significant pipeline of surrounding residential and commercial projects in the precinct that are in planning, or which have commenced construction”.
BIP invests again
Established in 2006, and representing institutional and wholesale clients, BIP holds a property portfolio worth $2.3 billion.
Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.
Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.
Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.
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