Recently developed Health building located in the heart of the Sunshine Coast Health Precinct sold for $28.9 million

The award-winning Vitality Village healthcare development has sold to real estate investment trust HealthCo Healthcare & Wellness (AXS: HCW) for $28.9 million, representing a 6.5% fully-let initial yield.

Vitality Village is located 12km south of Maroochydore within Australia’s largest healthcare hub, the $5 billion Sunshine Coast Health Precinct. 

Vitality Village has a gross floor area (GFA) of 4,636 sqm across five levels and is the first health and wellbeing facility of its kind in Australia. The asset comprises high quality healthcare and allied health/wellness tenants with high exposure to CPI-linked leases. Major tenants include Commlink Australia – one of Queensland’s largest aged-care providers, occupying 35% of the building.  

CBRE’s Louisa Blennerhassett, Rem Rafter, Michael Hedger, and Sandro Peluso brokered the transaction on behalf of local owners. 

“The underlying growth story of the Sunshine Coast is attracting very strong investment interest in the region,” Ms Blennerhassett said. 

“Vitality Village is located in a highly sought-after health precinct, adjacent to Sunshine Coast University Hospital, one of Australia’s largest ever health infrastructure projects. This location attracted local, national, and international interest.”