Halls Head Medical Centre sells for $23m

One of the state’s largest medical centres, Halls Head Medical Centre, has sold for $23.44 million to fund manager RAM Australia.

The fully-leased 515 square metre building at 66-70 Mahogany Drive and 1-5 Peelwood Parade has a weighted average lease expiry of eight years and yield of 5.5 per cent.

Ray White Commercial WA agents Brett Wilkins and Josh Sumner acted for RAM Australia in the off-market deal, with fund manager drawn to healthcare assets across the state.

“Halls Head Medical Centre is a major healthcare precinct with not only one of the biggest GP centres in WA but also major pharmacy and allied health,” Mr Wilkins said.

Scott Poole, Managing Director of Poole Medics, was the business broker who sold both the property and the medical business on behalf of the seller.

Mr Poole said it was the largest medical property sale in WA in at least four years. 

RAM Australia also purchased Midland’s Swan Medical Centre, Madeley Medical Centre and Secret Harbour Medical Centre in WA in the past 12 months.

The building comprises seven specialised buildings over seven lots and sold for $1.3 million in 2015.