Triple medical centre deal to provide healthy return

March 26, 2021

A LEADING Queensland syndicator has increased its north Queensland portfolio to $250m with the purchase of three medical centres.

Sentinel Property Group paid $22,629,343 for the three GP Super Clinics in the Mackay region, leased to Gp Mx Solutions which is in the same corporate group as Smart Clinics and Better Medical.

The medical centres are at 13/17 Dutton Street, Walkerston, 14km south-west of Mackay, and 160 Boundary Road, Ooralea, on the southern outskirts of the city, were acquired with 14-year leases. The GP Super Clinic at 1/3 Old Eimeo Road, Rural View, in Mackay’s northern outskirts, was sold with a 10-year lease.

They will be included in the syndicator’s newly established Sentinel Multi-Sector Income Trust.

The sales realised a yield of 6.52 per cent and were negotiated by Shalain Singh and Chris O’Driscoll of Colliers International.

Sentinel executive chairman Warren Ebert said they now hold about $250.8m worth of assets in the Mackay and Townsville region.

“Mackay has been an important regional market in the national growth and success of Sentinel over the past decade and the company has tremendous confidence in the region’s economic future,” he said.

“Regional Queensland centres such as Mackay have outpaced Brisbane’s growth and market conditions continue to strengthen, driven by diversified sectors including mining, agribusiness, construction, education, logistics and tourism.” Established in 2010, Brisbanebased Sentinel has a total national portfolio of more than 55 retail, industrial, office, land, tourism infrastructure and agribusiness assets worth $1.17bn.

Chris Herde, The Courier Mail


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