Dexus acquires Bethesda Clinic for healthcare fund

Bethesda will commence a 20-year lease upon completion of the facility.

Dexus has acquired a Perth healthcare investment on a funds through basis.

The Bethesda Clinic, designed and being delivered by Bethesda Health Care in Cockburn Central West, will be worth c$58.3 million.

Dexus and DHPF hold an equal stake in Adelaide’s Australian Bragg Centre – set to open in 2023.

The vendor will commit to a 20 year lease upon completion in late 2022.

Dexus will hold the hospital in the Healthcare Property Fund (DHPF) – an open-ended unlisted trust with a portfolio now worth just over $1.3 billion.

Early last month, for the fund, the manager spent $138.7m on two Melbourne offices occupied by Monash University for its Pharmacy and Pharmaceutical Sciences campus.

The parent and DHPF hold an equal stake in Adelaide’s Australian Bragg Centre, after outlaying $446.2m, last October.

Bethesda Clinic, Perth

Over five floors, the Perth private mental health facility will include 45 beds and spaces for outpatient services – including consulting rooms, a neuro-stimulation suite and both a recovery and wellbeing centre.

A second stage of the clinic will add more lettable area, though Bethesda said the final design is not yet decided (story continues below).

The hospital was proposed four years prior to it garnering approval 17 months ago.

It is taking shape on a hectare just north of the Aquatic Recreation Centre and Victor George Kailis Oval, which is also the Fremantle Dockers training ground.

“There is a significant undersupply of mental health beds south of Perth and in Western Australia’s southern regions,” Bethesda Health Care’s chief executive officer, Dr Neale Fong, said.

“The clinic is a new service offering…that will alleviate current pressures on the system by offering private inpatient and community care closer to home,” he added.

Dexus executive general manager, Funds Management, Deborah Coakley added “this acquisition is in line with our strategy to support investor demand for high quality, diversified healthcare assets”.

Cockburn Central is about 21 kilometres from Perth.

Bethesda Clinic’s catchment will include half the city’s population.

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Marc Pallisco

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