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RAM buys office after hospital conversion deal

Originally appeared in Real Estate Source.

Real Asset Management has settled on a four-building Nundah property it agreed to purchase during the early stages of construction last year conditional on the asset being converted for healthcare use.

The Melbourne based fund manager outlaid $51.25 million for 20 Nellie Street.

Prior to settlement, it also secured a 25-year pre-commitment from iMH, a joint venture between Aurora and Medibankʼs Amplar Health, to operate a 58 bed mental health facility in the c10,418 square metre complex.

This component is set to open next year and be known as the Nundah Private Hospital.

Lumus Radiology, Lvy Dental and Lvy Medical have committed to parts of the balance as has a coffee shop and juice bar.

A gym, Fitness Cartel, opened in a tenancy just prior to RAM agreeing to purchase the asset from Smada Group.

There are also 216 car parks, six handicap spots and 16 motorbike bays.

Nundah is seven kilometres north of Brisbaneʼs CBD.

Another change of plan Smada paid $4.62m for 20 Nellie St in 2021.

At the time the 8523 sqm parcel, walking distance to Nundah trains station and Nundah Village shopping centre, was approved for 168 apartments.

Its redesign – for 5000 sqm of offices, a 954 sqm childcare centre, retail, the gym and a 185-bay basement car park – was approved in April, 2020.

Ray White Medicalʼs Franz Stapelberg, Chris Meyer, and Jess Meyer represented it for the sale.

The agents are also acting for RAM to lease the remaining tenancies in what is being branded a lifestyle hub.