The Australian Unity Healthcare Property Trust (HPT) has purchased land in Robina, Queensland, for $3.92 million.
The site comprises 3,920 square metres and is located 200 metres from Robina Private Hospital, which is also being developed by HPT, and Robina Public Hospital. Plans are being developed to build a medical centre on the land which will include services such as general practice, radiology, pathology, dental and pharmacy.
The acquisition will be funded by cash reserves from HPT. Development costs are expected to be around $5.5 million.
Upon completion of the works, the property will be leased to Primary Health Care on a 15-year lease with an anticipated yield of 6.75 percent.
The acquisition follows HPT’s recent purchase of a two-level commercial building in Greensborough, Victoria for $6.8 million, which is to be converted into a large format medical centre.
Australian Unity Real Estate Investment is the property funds management business of Australian Unity Investments, part of the Australian Unity group, a national healthcare, financial services and retirement living organisation that has been operating for more than 175 years.
Australian Unity Real Estate Investment was established in 1998 and, through its unlisted property funds, owns and manages more than 50 properties in the healthcare, retail and commercial sectors across Australia. It has $2 billion in funds under management (as at 31 March 2016).
HPT owns 32 hospitals, medical centres, and aged care facilities across Australia, and has more than $940 million in funds under management as at 31 March 2016.
For more information please contact:
Mr Chris Smith
Head of healthcare and retirement property funds
Direct line: 03 8682 4534
Mobile: 0418 379 763