AU sells office, lists hospital
Australian Unity, on behalf of the Office Fund (AOF), has sold its second Macquarie Park office in three months.
The manager is banking $80.75 million – a 0.9 per cent rise on the June, 2022, value – for 5 Eden Park Drive (pictured, top).
The deal to HMC Capital’s HealthCo Health & Wellness REIT was brokered off-market with settlement scheduled next month.
In December, the manager, for AOF, offloaded #2 in the street, an office known as Rydecorp, for $68.825m, to NKS.
That result was 10pc over the June appraisal.
Three months ago, AU, for the fund, divested 30 Pirie Street, in Adelaide’s CBD, for $73m.
Quintessential Equity was that buyer.
Debt free
Developed in 2004, 5 Eden Park Dve contains 11,566 square metres of warehouse space and A-grade office area over four floors.
It has development upside – up to another 13,444 sqm could be added, the manager said.
It is also nearly fully occupied with a 3.9 year Weighted Average Lease Expiry.
Biotechnology group Aegros and Saluda Medical are the anchors, between them renting 61pc (7029 sqm).
AOF manager Nikki Panagopoulos said following settlement of it, 30 Ririe St and 2 Eden Park Dve, the fund will have $40m in cash to invest.
“This strong balance sheet provides a platform to continue to advance AOF’s near term priorities, including progressing refurbishment opportunities and active asset management initiatives,” according to the executive (story continues below).
“As previously noted, the asset sales provide an opportunity to consider the potential to return capital to unitholders through a special distribution,” she added.
Macquarie Park is 13 kilometres north west of Sydney.
Hospital listing
Meanwhile, AU for its Healthcare Property Trust, has listed the Hunters Hill Private Hospital, held since 2000.
The 2678 sqm complex at 9 Mount St was valued last year at $31.5m reflecting a 4.5pc capitalisation rate.
Ramsay Healthcare is the occupier on an initial lease expiring in 12.5 years.
With options it can stay until 2050.
“The private hospital is expected to generate significant interest from healthcare property funds and private investors due to its long lease term, prestigious location and accessible price point,” CI Australia’s Chris Veitch and Shirley Fan, said.
“The 3648 sqm site has three street frontages and offers the ultimate long-term land bank for future redevelopment,” they added.
“With other asset classes experiencing headwinds, well-leased medical assets in premium locations stand out as the low-risk, high-growth investment of choice,” according to the executives.
Hunters Hill is nine kilometres north west of town.
Subscribe to our newsletter at the bottom of this page.
