MPF acquires Ellenbrook medical centre

Mair Property Funds (MPF) has secured a modern medical centre in Perth’s north east for $8.1 million.

MPF purchased the Broadway Medical centre at 150 Coolamon Boulevard in Ellenbrook, 20 kilometres north east of Perth, which will be included in its Diversified Property Trust.

The premise was built in 2014 and is fully leased with 8 tenants across a range of medical disciplines including physiotherapy, dentistry, pathology, radiology, podiatry and pharmacy, among others.

Peter Melling, MPF acquisitions manager, said the company identified the premise as an attractive investment because of its strong tenant mix and prominent location.

“The bulk-billing centre is open 7 days a week, and is one of just five medical practices within Ellenbook to cover 43,000 residents, with restrictions on the number of centres allowed within the area,” he said.

“The suburb is expected to grow further with enhanced public transport links, including the Ellenbrook rapid bus system and the Ellenbrook rail line, which forms part of the state government’s Metronet initiative.

“Our research and market analysis has also highlighted the medical sector as a solid investment because of its greater economic resilience and strong growth outlook amid an aging population.

The Broadway Medical centre has a land area of 5,076 square metres and building area of 1,586sqm.

The purchase of Broadway Medical takes the value of properties under management by MPF to $188 million.