Australian Unity sells Melbourne day hospital
Melbourne asset manager The Property Advisory has made its maiden healthcare investment.
The Greensborough Medical Centre and Day Hospital cost $32.5 million.
Australian Unity was the seller, for the Healthcare Property Fund.
Healius is on a head lease expiring 2033 but with options can stay until 2058. It presently pays just over $2.3m annual rent. The weighted average lease expiry is eight years.
The 2448 square metre Activity Centre 1 zoned site can accommodate seven levels.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat were the agents.
Maiden healthcare investment
Directed by Lucas Shannon and Hugh O’Brien, TPA owns over 10 assets including supermarkets, car yards and traditional industrial investments.
To date it has invested in Brisbane, Melbourne and in New South Wales, at Scone.
The Greensborough property, 9-13 Flintoff Street, was built about nine years ago out of the ex-City of Banyule Customer Service Centre.
“In our view, the healthcare sector became over heated in the lead up to and during the COVID period when rates were at historic lows,” Mr Shannon said.
“The current higher interest rate environment has since created appealing opportunities for long-term investors, and this acquisition is a great example of that,” he added.
“The underlying thematics around both Australia’s ageing population and strong population growth are highly supportive of well-established healthcare property assets,” according to the executive.
AU will tip proceeds into developments including the Infinite Care Knox, in Melbourne’s east, and reducing debt.
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