A prominent medical centre in Perth’s western suburbs is up for sale.

The two-storey property at 91 Hampton Road in Fremantle, called the Ellen Health Medical Centre, consists of a 1,131sq m building on a 1,508sq m site.

The building has a long history, having originally been built in 1937 and operated as Beacon Theatre, before having other uses, including a supermarket.

In 2014 the character building, which has frontage to both Hampton Road and Wray Avenue, was renovated to become a purpose-built medical centre.

The historic building was decorated with a Commendation from the City of Fremantle for its renovation, which included works such as roof replacement, new windows to replicate heritage requirements, installation of a new medical lift and shaft and 700sq m of alterations to the internal footprint which included new internal walls, ceilings and bathrooms and works to a new car park.

The asset is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Cory Dell’Olio, Tony Delich and Sam Biggins on behalf of a private vendor. 

Price expectations for the property are from mid $9m. 

Major tenants occupying the building include Brecken Health, APM Group and 777 Pharmacy. There are retail and medical tenants on both levels, including 777 Pharmacy, Lifecare Physio (owned by APM Group), Touch Therapy Massage, Café on Hampton and Ellen Street Family Medical Practice (owned by Brecken Health).

The net income for the property is $615,192 per annum, with a WALE of 4.1 years based on income as at May 2024.

Mr Dell’Olio said the medical centre was well serviced and extremely efficient, with a wide range of tenants.

“We expect strong investor interest in this property, with the asset having solid fundamentals, including its location and strong covenants,” he said.

“The eye-catching building is in a prominent location in Fremantle, which is a popular suburb of Perth known for its vibrant culture, rich history, and stunning waterfront.”

Mr Delich said: “The property’s positioning near White Gum Valley, Beaconsfield and Hilton provides a large base of clientele for the busy medical centre.

“The City of Fremantle is also undergoing significant urban renewal with the combined level of private and public infrastructure spending expected to exceed $2.3b over the next five years.”

Mr Biggins said investors were increasingly looking to diversify into healthcare assets, and the Ellen Heath Medical Centre was an attractive proposition, being fully occupied with a robust tenant profile.

“In recent years, the healthcare property sector in Australia has garnered substantial investor interest, stemming from the sector’s solid market fundamentals including strong demand, appealing lease terms, defensive attributes, and a favourable risk-adjusted return profile,” he said.

“It is rare for healthcare assets of the calibre to come to the market, so we expect a range of investors to be interested.

“The solid tenant profile provides a solid foundation for the asset's defensive income stream and long-term growth potential.”

The Expressions of Interest campaign for the property will close at 3pm (AWST) on Thursday, August 8.

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