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Gold Coast Bulletin

Hospital snapped up

One of the Gold Coast’s busiest day hospitals has sold for more than $9.6m.

Brisbane-based property fund manager Natgen has secured the whole-floor hospital in the Premion Place building on Southport’s White Street. The deal was settled in late
November.

It is currently occupied by an oncology clinic operated by Icon Group which has a 25-year lease expiring in 2033. Natgen managing director Steven Goakes said the company saw significant potential in the Gold Coast commercial market.

“With a strong blue-chip medical tenant, this acquisition provides Natgen investors with a long-term, high quality income stream in a growing sector,” he said.

“The purchase fits with Natgen’s investment philosophy and focus on specialty assets such as medical facilities, which exhibit strong resilience irrespective of the economic climate.

“The tenant, Icon Group, is a leader in delivering immunotherapy and chemotherapy
treatments to the community. “These types of treatments have helped to substantially improve the outcomes for cancer patients in the time that this facility has been in operation.”

The hospital is the latest in a series of major purchases in the Gold Coast market for Natgen in recent years. In late 2023 Natgen bought two warehouse development sites on Coomera’s Naves Drive, paying $2.95m.

It also laid down $2.1m in 2023 for a 3162sq m site on Ormeau Hills’ Tillyroen Rd for a warehouse storage facility.

Earlier this year, the company paid $9.65m for the three-storey Alder Place office building on Helensvale’s Siganto Drive.

Mr Goakes said he felt strongly about the strength of the Gold Coast market, particularly investing in the rapidly growing healthcare sector.

“This acquisition reflects our confidence in the potential of South-East Queensland’s growth corridor, and particularly the Gold Coast,” he said.

“The medical sector on the Gold Coast has strong tailwinds from population growth and ageing population – all of which requires greater medical care,” he said. “It also benefits from the certainty of strong funding o the sector by government.”

Article by Gold Coast Bulletin
Written by Andrew Potts
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