AU spends on essential services investments

Morris Property Group’s Parc contains 74 apartments and 23 villas.

Australian Unity has scooped up a swag of small essential services investments.

For its Speciality Disability Accommodation Fund, the group is paying $7.15 million for 11 apartments within Morris Property Group’s Parc complex, at Macquarie, north west of Parliament House.

The Epping childcare centre forms part of a retail complex.

The assets are leased to Vera Living for 10 years.

AU established the fund in April, 2020.

Last year, it raised $40m with GreenFort Capital to develop the seed assets, in Brisbane’s Moreton Bay and Logan City regions.

Three months ago the fund outlaid $9.2m for a 53 unit complex at Chermside, 10 kilometres north of the Queensland capital.

Childcare fund nears $100m

Meanwhile, for its Childcare Property Fund, which launched in March, AU has settled on two assets.

In Melbourne, this includes 335 Harvest Home Road, in Epping (pictured, top); on 1975 square metres, it contains a 925 sqm complex licensed for 140 clients.

Aspire Learning is the tenant, on a lease expiring, with options, in 2057.

Annual rent is presently $438,220 (story continues below).

Being new, AU will also be able to claim depreciation benefits for tax.

Burgess Rawson’s Natalie Couper, Shaun Venables, Sam Mercuri and Adam Thomas were the agents.

The second childcare centre the manager has purchased is at Adelaide’s Redwood Park.

With them, the trust controls nine investments speculated worth a speculated $45m.

Another eight properties are either under contract or in due diligence.

Including those, the portfolio has 1558 places and is worth c$97.5m.

A capital raising, the trust’s third, was launched in September and closes on November 30.

More to come.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of