Flagship healthcare fund sheds another asset
Australian Unity sold the biggest of two neighbouring investments offered this week opposite an Epworth hospital, in Melbourne’s inner east Richmond.
The three storey, 1227 square metre office turned medical centre at 84-88 Bridge Road (pictured, top) fetched $24 million – a 6.34 per cent yield – after a single bid from a local private investor at auction Wednesday.
Lumus Imaging, a subsidiary of ASX-listed Healius, is the tenant, on a lease expiring in 2035, with 25 years of options.
Covering 1054 sqm, zoned Commercial 1, it offers development upside.
AU paid $13.43m plus c$900,000 in acquisition costs in 2016.
At the same time, it outlaid $5.5m for a neighbouring investment – 80-82 Bridge Rd and 3-5 Rotherwood Street – with 790 sqm on 941 sqm.
That property, also offered at auction, failed to find favour however, and is still for sale.
Burgess Rawson’s Yosh Mendis is the agent (story continues below).
Fund reweighs
AU held both Richmond properties in the $3.8 billion Healthcare Property Fund which has recently been selling a handful of properties to repay debt and fund a development pipeline.
Elsewhere in Melbourne, this month, the manager listed a c$40m Greensborough healthcare investment – about 10km from a Lower Templestowe medical centre we reported in January was selling for c$45m – a 6.4pc yield.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat are those agents.
AU also offloaded a Corrimal, New South Wales, investment for c$20m – about book value, reflecting a sub six pc return.
Projects the manager has earmarked proceeds for include the $70m Infinite Care Knox aged care complex, and $100m Wyvern Private Hospital in Sydney’s north Terrey Hills.
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