AU takes hit selling Melbourne hospital expansion sites
Australian Unity has taken a major hit selling a development site abutting the Brunswick Private Hospital, in Melbourne’s north.
The 649 square metre block at 70 Moreland Road reaped $1.3 million including GST following a campaign targeting townhouse developers.
AU paid $1.8m excluding transaction costs in late 2018, demolishing a nondescript brick home there, three years later.
It and Brunswick Private were held by the Healthcare Property Trust (story continues below).
The deal comes six months since AU, for that entity, sold another property abutting Brunswick Private – a townhouse on 263 sqm at 93 Davies St.
That result – $910,000 – was breakeven on its 2018 outlay, though the fund did reap a rental income.
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