Natgen secures another Gold Coast investment
National & General Group, or Natgen, has bought another fully leased Gold Coast investment.
For a single asset fund set to run five years, the penthouse suite of the Southport’s Premion Place medical hub is setting the group back $9.65 million – a 7.3 percent net passing yield.
19/39 White Street
Icon is on a 25 year lease so could stay at 19/39 White St beyond the initial term.
Brisbane based Natgen has acquired it via the Natgen Investment Trust (SP24), now seeking to raise $6.2m from investors, promising an annual 8pc return, paid monthly, for five years.
“This acquisition reflects our ongoing confidence in the potential of south east Queensland’s growth corridor and particularly the Gold Coast,” the fund manager’s managing director, Steven Goakes, said.
“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 added.
“The purchase fits with Natgen’s investment philosophy and focus on speciality assets such as medical facilities, which exhibit strong resilience irrespective of the economic climate,” according to the executive.
Over eight levels, Premion Place offers views from the Broadwater to the mountains. There is also a multi-level car park.
Southport is three kilometers north of Surfers Paradise.
Article by Real Estate Source
Written by Marc Pallisco
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