Australian Unity sells prominent medical centre
April Group and MaxCap have settled on the purchase of Sydney’s RPAH Medical Centre.
The five storey complex near Royal Prince Alfred Hospital in Camperdown set the fund managers back $117 million.
Australian Unity was the seller.
The Newtown asset, 92-100 Carillon Avenue, was held by the Healthcare Property Trust.
Upgrade planned
The deal for the RPAH Medical Centre, commonly known as 100 Carillon Ave, was agreed via a put and call option last May.
The price was the valuation from February, 2025.
With 58 practices in 7321 square metres, the result reflects an initial 6.75 per cent net passing yield.
The site spreads 3177 sqm (continues below).
There is also an underground car park.
“A targeted capital expenditure program will upgrade the building into a modern medical facility and elevate tenant amenity,” the buyers said in a statement.
“This partnership brings together two organisations with a proven track-record for investing in high-quality social infrastructure and healthcare assets,” MaxCap head of Equity Investment, Simon Hulett, added.
“Opportunities like this are scarce – a fully leased asset of this calibre will deliver immediate yield to investors with further upside through clear strategic execution,” according to the executive.
“The investment thesis is underpinned by strong long-term macro drivers, including Australia’s ageing population, population growth and rising healthcare expenditure that is driving demand for modern healthcare and outpatient facilities”.
JLL’s Simon Quinn, Thomas Thorsen, Kate Low and James Barber with Savills’ Adrian Bokolis were the agents.
Also this week, we reported Australian Unity is selling a vacant Brisbane CBD office for $40m.
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