Dexus acquires Northern Beaches hospital

Dexus and the Healthcare Property Fund outlaid $446.2 million for Adelaide’s Australia Bragg Centre last year.

Breckenridge Funds Management has sold a Warriewood sub-acute rehabilitation clinic to Dexus, which will hold it in the Healthcare Property Fund (DHPF).

Arcadia Pittwater Private Hospital at 4 Daydream Street is costing $50.5 million.

The property includes a purpose-built five level facility, fully leased to Arcadia Health until 2048.

A brownfield component would allow for an extension or new building.

DHPF now manages nine assets worth a total of nearly $1.4 billion.

In June, it outlaid $130.7m for the 10-storey Spring Hill Medical Centre and a Herston car park – both in Brisbane.

It also acquired Perth’s Bethesda Clinic from the occupier (Bethesda Healthcare) for $58.3m on a funds through basis.

Four months ago Dexus paid $138.7m for two mid-rise buildings within Monash University’s Pharmacy and Pharmaceutical Sciences campus, in Melbourne.

The trust’s flagship asset – the Australian Bragg Centre in Adelaide – was snapped up last October (story continues below).

DHPF and Dexus own equal shares after spending $446.2m.

Arcadia Pittwater

The three year old Arcadia Pittwater includes 85 beds, administration facilities, consulting suites, physiotherapy space, a hydrotherapy pool and commercial kitchen.

“In 2015, Breckenridge recognised the emerging strength of the healthcare sector and committed to this development on a funds through basis,” the vendors managing director, Rob Lloyd, said.

“The sale continues Breckenridge’s strong track record of delivering quality property and excellent returns to our client base of high net-worth investors and family offices,” according to the executive.

DHPF fund manager Jemma Maddick added Arcadia Health Care is a well established healthcare operator and the deal continues its strategy to grow and diversify the fund via the acquisition of high quality assets.

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Marc Pallisco

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