The Australian Unity Healthcare Property Trust (HPT) has acquired a majority share of a medical centre in North Gosford, New South Wales, for $13.067 million.
HPT is an unlisted property trust that invests in healthcare-related property assets with a primary focus on delivering regular income plus the opportunity for long-term capital growth.
The property, located at 12 Jarrett Street, North Gosford, is a two-level medical centre, including a café, over 2,266 square metres, with two basement levels of car parking with 81 spaces. It adjoins Gosford Private Hospital.
The medical centre is strata-titled, with HPT acquiring 11 of the 14 medical suites, which will be used as consulting suites for surgeons. Its anchor tenant is Sonic Healthcare.
This is the fourth acquisition for HPT in the last eight months, totalling $45.85 million. Each purchase has been funded from the HPT’s existing capital reserves.
The others include: the acquisition of a healthcare property in Kent Town, South Australia, in November 2014 for $11.1 million; the purchase of a building in Townsville, Queensland, in October 2014 in partnership with Healthe Care, which it intends to convert into a mental health hospital; and the acquisition of Brisbane Waters Private Hospital on NSW’s Central Coast in July 2014 for $16.18 million.
Mr Chris Smith, head of healthcare and retirement funds at Australian Unity Real Estate Investment (AUREI) said HPT is actively growing its asset base as well as undertaking a number of large-scale brownfield developments within its existing property portfolio, to add value for investors.
“The HPT’s development pipeline is as active as it’s ever been, with work underway or about to commence on six hospitals, representing a total investment of over $100 million.
“AUREI has a proven track record working with existing tenants to expand and redevelop hospitals and medical centres in its portfolio, delivering additional services to local communities and adding value for investors.”
Mr Smith said investor demand in the HPT continues to be strong, driven by the ageing demographic and government budgetary pressures supporting long-term growth in healthcare real estate.
“As assets in the healthcare sector continue to be thinly traded we are making the most of development and expansion opportunities to help our tenants manage this growing demand.”
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 170 years.
AUREI 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 more than $1.8 billion in funds under management (as at 31 December 2014).
Its flagship fund, the HPT, owns 25 hospitals, medical centres, and aged care facilities across Australia, and has more than $600 million in funds under management as at 31 December 2014.
For further information please contact:
Mr Chris Smith
Head of healthcare and retirement property funds
Direct line: 03 8682 4534
Mobile: 0418 379 763