Australian Unity snares three aged care investments

Seabrook at Deception Bay was completed in 2009.

Australian Unity is paying $93.65 million for three Queensland aged care investments.

The leaseback deal is with McKenzie Aged Care, which has committed for an initial 25 years with two 10 year options.

The Terraces at Varsity Lakes, about 10 kilometres south of Surfers Paradise.

The assets will be slotted into the $2.4 billion Australian Unity Healthcare Property Trust (AUHPT), in which Dexus recently snapped up a cornerstone stake.

Four months ago, for the fund, the manager acquired a $10.45m Knoxfield, Melbourne, site with plans for a 177-bed aged care community, from Infinite Care which offered a 25 year leaseback.

“We are currently developing new facilities and in active due diligence on a number of other transactions, totaling circa $500m,” AUPHT manager Chris Smith said.

Three new assets

In Brisbane, AUHPT has picked up the Fender Katsalidis designed Capella Bay, at Capalaba; completed in 2015, it rises three levels from a 1.5 hectare site, accommodating 133 residents.

At Deception Bay, about 30 kilometres north of the CBD, the fund has acquired the 12 year old Seabrook village, which houses 122 people.

The third asset, Gold Coast’s Varsity Lakes, contains 149 beds (story continues below).

Near Bond University, it was also completed in c2009.

“The addition of three established, well-located and securely leased aged care facilities enhance tenant and income diversification and increase the fund’s weighted average lease expiry from 15.7 years to 16.1 years,” Mr Smith said.

“2021 has been another successful year for investors in the Healthcare Property Trust and we continue to make long term investments in Australia’s critical healthcare and social infrastructure without paying too much for hotly contested assets in an exuberant market,” according to the executive.

AU executive general manager, Mark Pratt, added “demand for well run aged care, healthcare and medical infrastructure will only increase as our population ages”.

The trust returned unit holders 36.5 per cent for the year ended September 20, 2021, he said.

“Its three year return was 17.9pc and over five years it returned 16.43pc”.

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Marc Pallisco

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