Forrest Family Practice

120-122 Spencer Street, South Bunbury, Western Australia

The Forrest Family Practice is a multi-purpose medical asset located in the fast-growing regional centre of Bunbury in Western Australia. The asset provides a strong blue-chip income stream being fully leased to national healthcare provider, ForHealth, with a robust WALE of 7.39 years.

The strategy for the asset is to capitalise on a counter cyclical opportunity at what we believe is the bottom of the cycle for Australia’s sought-after medical sector.

This sector continues to show strong growth fundamentals, underpinned by the tightly held nature of specialist medical assets, high replacement costs, and rising demand off the back of increased capital investment into the industry.

The Centre is set to have a four-year lease term remaining at Fund expiry, providing for a strong divestment strategy to capture market conditions. In addition, there is potential to enhance the asset’s value further through minor cosmetic upgrades to encourage longer-term commitment from the tenant, which we intend to explore as part of our value-add negotiations.




South Bunbury, Western Australia





  • The asset has a robust WALE of 7.39 years secured via a lease to ForHealth, a leading health care provider operating over 70 multi-disciplinary medical centres nationally.
  • The lease provides a long-term market linked income stream through CPI rent reviews.
  • The lease term will have four years remaining at Fund expiry, providing a strong position for divestment.
  • There’s potential for a minor refurbishment to encourage longer-term commitment from the tenant to further bolster the asset’s rental and capital value.
  • The asset is being purchased at an attractive yield which is softer than comparable recent sales and provides a good foundation for capital growth*.
  • The Centre is located within the established and fast-growing regional centre of Bunbury – Western Australia’s third largest city with a population of over 75,000 people.
  • The property benefits from immediacy to complimentary medical practices including Bunbury Day Hospital, Bunbury Orthodontics Centre and South-West Obstetrician.

*According to Colliers Valuers, recent transactions of medical centres within Western Australia have shown yields between 5.25% – 6.25% on an equivalent basis, compared to a purchase yield of 7.30%.

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