EIG adds new Woolloongabba site to expanding portfolio

Listed real estate fund manager Elanor Investors Group has purchased a Brisbane office and healthcare property for $80.2 million for its unlisted healthcare property fund.

The 1.5 hectare Woolloongabba site comprises two buildings, which stand two and three levels in height, occupied by the Catholic Education Office and Queensland Health.

GALLERY  

The site’s zoning allows for heights up to 12 levels.

The Burke Street property was purchased in a new single asset unlisted real estate fund, which the fund says attracted strong demand from institutional and private capital partners.

Elanor’s co-head of Real Estate David Burgess said the property provides value-add opportunities given its location and “favourable” zoning.

“Our focus on acquiring strong income generating properties that also possess options for value-add strategies is a particularly attractive prospect for our wholesale investors in a post-Covid environment,” Burgess said in a statement.

The purchase follows Elanor’s sale of Auburn Central in western Sydney for $129.5 million this month.

In October, the fund manager purchased a nearby Brisbane community health centre for $37 million.

The Woolloongabba Community Health Centre sits within a health precinct close to Brisbane’s Princess Alexandra Hospital.

Elanor’s latest $80 million office and healthcare acquisition is fully leased to the Queensland government’s Metro South Health department.

Burgess said Woolloongabba is one of Brisbane’s fastest-growing suburbs with a population projected to grow at more than 4 per cent annually.

The Queensland state government’s Metro South Health occupies 2 Burke Street with a lease expiring in 2025.

Catholic Education, which occupies the building fronting Ipswich Road, recently entered into a new 10-year lease.

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