Vital Healthcare Property Trust have recently secured the Tennyson Centre in what was a significant Off-Market transaction located in Kurralta Park, South Australia.
Sold by Knight Frank team of Senior Sales Executive Jack Dyson and Head of Capital Markets Guy Bennett, the large off-market deal transacted for $92,750,000, generating a passing yield of 4.7%*.
The buyer, ‘Vital Healthcare Property Trust' is formally run by Canada’s NorthWest Healthcare Properties, who provide quality healthcare real estate investments in 7 countries across the globe.
Containing a net lettable area of 6,568sqm*, the medical facility is fully leased to one of Adelaide’s leading Cancer Centres of Excellence, and features other premium tenants including Genesis, Nexus, Clinpath and Dr Jones & Partners.
The sale of this Adelaide facility also contains considerable development upside by way of a 1,920 sqm parcel of land adjoining the established medical centre.
Commenting on the significant transaction, Mr Dyson said “The healthcare/medical sector has become a key focus for national and international REITs as the Covid-19 pandemic highlights essential services as a secure investment."
"The sale of the Tennyson Centre is one of the largest medical transactions to occur in South Australia in the last 3 years."
* - Approximately
