Healthy returns in Newstead medical hub
No.165A and No.165-169 Elphin Rd, Newstead. Picture: Supplied
A substantial, two-level healthcare asset anchored by Northern Tasmania’s largest GP and urgent care provider is for sale.
Elders Commercial has brought to market No.165a and No.165-169 Elphin Rd, Newstead, which is home to Newstead Medical, an established Amcal pharmacy, and an independently leased radiology clinic.
Positioned just 3km from the Launceston CBD on a key arterial road and directly adjoining Coles Newstead, the property combines essential-service covenants with a blue-chip location in one of Launceston’s most affluent suburbs.
The property has a net passing income of $486,188 per year plus GST, with a weighted average lease expiry of 7.53 years.
Newstead Medical has a fresh 10-year lease from July 1, 2025, with 5+5 options. Amcal Pharmacy (term to 31 Dec 2030, options 5+5); and Corbett Radiography/X-ray Newstead (term to 31 Dec 2030, options 5+5).
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No.165A and No.165-169 Elphin Rd, Newstead.
Commercial sales and leasing agent at Elders Commercial, David Webster, said the asset has been significantly upgraded and expanded, delivering modern medical accommodation, excellent parking and flexible ‘Local Business’ zoning.
“With strong demographics and limited competing stock in Newstead, we see compelling depth of demand from private and institutional buyers alike,” he said.
No.165A and No.165-169 Elphin Rd, Newstead.
Fletcher Seymour, commercial sales and leasing, said the Newstead Medical Centre offers the hallmarks investors chase.
“It has long WALE income, essential-service tenants and a blue-chip Launceston address beside Coles,” he said.
“With a diversified mix of GP, pharmacy and radiology on one title, this is a defensive healthcare holding with genuine scale and day-one cash flow.”
No.165A and No.165-169 Elphin Rd, Newstead.
The large property’s gross building area is 2335sq m across two levels on a 3029sq m landholding. There are 56 on title car parks; dual frontages and excellent natural light.
Significant refurbishments in 2012 and 2020, plus an extension completed in early to mid 2025, provide modern medical-grade improvements and potential depreciation benefits, the agents said.
Originally built in the 1970s, the centre presents contemporary healthcare accommodation with compliant access, lift connection from the car park, ducted airconditioning, medical grade fit-outs, consulting suites, treatment rooms, reception areas and staff amenities.
This Newstead property is for sale by expressions of interest, closing on November 6 at 4pm.
