Australian Unity sells Ballarat medical centre
Australian Unity has sold a Ballarat medical centre – part of plans to reduce debt in its $3 billion Healthcare Property Trust.
The Eureka Medical Centre at 14 Albert Street found favour with a local family office.
It was valued mid-last year at $10.5 million.
That was a rise from $9.3m the previous year, attributable to a lease extension which saw the weighted average lease expiry increase from one year to five.
A new 10-year lease was signed over the complex in the December 2025 quarter.
The on sale was brokered off-market.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat were the agents.
The result reflects a 5.4 per cent net passing yield.
Eureka Medical Centre
Australian Unity paid $3.79m for the Ballarat asset in 2005.
It had traded as a medical centre a decade (continues below).
On 1645 square metres at the north-west corner of Dana St, it contains 45 car parks.
The lettable area is 1504 sqm.
The sale comes as Australian Unity works through a broader sell-down of the Healthcare Property Trust, with proceeds earmarked for debt reduction.
The trust recently sold its 350-bed Peninsula Private Hospital in Frankston for $291.25m to Barwon Investment Partners.
That hospital was valued at $317m in August 2025 before being cut to $291.3m in May.
Earlier this year, it also sold the RPAH Medical Centre in Sydney to April Group and MaxCap for $117m.
Australian Unity said the divestment program was the preferred option for managing the trust’s balance sheet, with gearing having risen as property values fell.
The trust has more than 90 healthcare properties and about $1.4b debt.
Subscribe to our newsletter at the bottom of this page.
