Health site sells for $3m

Coast investor snaps up dentist, x-ray centre

THE sale of a new health centre north of Toowoomba for more than $3m represents a shift in interest among commercial investors, according to the agent responsible.

The recently-opened clinic on Highfields Road in Highfields, which includes Gentle Dental and Queensland X-Ray as tenants on seven-year leases, was snapped up by a Gold Coast investor for $3.25m.

The sale produced a yield of 5.3 per cent, which LJ Hooker Commercial agent Chris Stewart called a good result.

“(The yield result was because) it being Highfields, it’s a tight market but it’s also on a community title scheme,” he said.

“(The sale decision) was the nature of the market — seeing the yields we’re getting up in Toowoomba it’s about making sure we’re taking advantage of it.”

Mr Stewart said the sale was a good example of how buyers were moving away from industrial investments and searching for potentially safer opportunities in other sectors.

“I talk about recessionproof assets, which have good rental increases and can withstand property cycles,” Mr Stewart said.

“People are starting to turn away from industrial properties to embrace different investment options.

“There’s increased interest in safe tenancies, like government and blue-chip assets.

“People don’t know the situation with Covid, so they’ll go with the safest investments.”