High demand for medical suites injects renewed activity into Sunshine Coast strata market

Doctors have swooped on several medical properties amid high demand for strata-titled suites on the Sunshine Coast.

CBRE's Ryan Parry, who brokered the sale of four strata-titled medical suites within Nucleus Medical Suites at the Buderim Private Hospital.

MEDICAL properties remain in high demand on the Sunshine Coast, with doctors recently swooping on four suites within the grounds of Buderim Private Hospital.

Spanning a total of 446sq m of space within Nucleus Medical Suites, the properties have changed hands for a combined value of $2.28 million.

Nucleus Medical Suites is a 3400sq m medical development built in 2010 by Evans Harch to cater for increased demand from specialists and to grow the private hospital.

The recent transactions come off the back of Sullivan Nicolaides moving their pathology laboratory to Birtinya after eight years at Nucleus Medical Suites.

All four deals were brokered by Ryan Parry from CBRE, who was also the original selling agent for the developer.

Mr Parry said he initially sold the same four strata titled properties in one line for $1.9 million in 2011 with a long lease in place to Sullivan Nicolaides.

“So, when the tenant moved their laboratory down to Birtinya we quickly saw an opportunity to convert the area back to individual medical suites,” he said.

Mr Parry said the recent vacant possession sales represent a capital gain of about 17 per cent in less than eight years.

He said rental rates within Nucleus Medical Suites had also increased with Sunshine Obstetrics recently taking a three-year lease over Lot 3, at an initial rate of $400/sq m plus GST and outgoings.

“There is certainly a lack of quality medical strata developments for doctors seeking to own their own premises on the Sunshine Coast, particularly well-located options near hospitals and other complementary services” Mr Parry said.