HealthCo seals Mater partnership, buys properties
HealthCo has formed a partnership with not-for-profit private hospital operator Mater and struck three property deals.
In Brisbane, Mater has signed a 10 year lease for 4150 square metres at the Springfield Health Hub, controlled by the HealthCo Health & Wellness REIT (HCW).
With the agreement, the asset is 99 per cent occupied.
Mater will also buy a stake – 20pc.
Vitality Village
Meanwhile at the Sunshine Coast’s Birtinya, HealthCo has purchased the 17 month old Vitality Village Health Hub (pictured, top) for $28.9m, reflecting a 6.5pc initial yield.
In the heart of the town’s medical precinct, the five level building at 5 Discovery Court contains 4636 sqm of fully leased space.
Just over a third is occupied by state government aged care provider Commlink Australia
The Weighted Average Lease Expiry is 4.4 years.
The site spreads 4231 sqm.
CBRE’s Sandro Peluso, Michael Hedger, Rem Rafter and Louisa Blennerhassett represented the seller, Double R Group.
“The Sunshine Coast has been the subject of significant development in the past five years, which is fueling growth and opportunity within the region,” Mr Rafter said.
“In particular, there’s a strong focus on the growth corridor between Caloundra and Maroochydore, with Vitality Village ideally located to serve the community,” he added.
Camden Health & Innovation precinct, Stage 1
In Sydney, HealthCo today announced plans to exercise a call option with former parent HMC Capital, for The George Private Hospital, otherwise known as Stage 1 of the Camden Health & Innovation precinct (story continues below).
The price – $32.7m – is a five per cent discount to a September, 2022, valuation.
Settlement is scheduled this month.
“The intention to exercise HealthCo’s option reiterates its long-term commitment to the Camden Health and Innovation precinct,” the buyer said.
“Stage 1 of the development is now significantly de-risked with the majority of works to be completed by the end of CY22 and practical completion, by February 2023,” it added.
HMC is seeking capital partners for stages two and three of the project.
More to come with Mater: HealthCo
HealthCo and Mater intend to explore more healthcare services initiatives and development opportunities.
“We are pleased to announce an exciting new strategic partnership with Mater, beginning with the anchor tenancy at our Springfield Health Hub which complements their existing and expanding hospital operations in Springfield,” HCW fund manager, Sam Morris, said.
“The lease completes the successful redevelopment of HealthCo Springfield into a high quality health hub in one of Australia’s fastest growing catchments,” he added.
“Following the finalisation of the lease at Springfield, we are excited to explore additional opportunities for joint healthcare service initiatives and developments that align with our strategic ambitions,” according to the executive.
The Sunshine Coast asset increases the fund’s scale and diversification, the manager said.
“This newly developed health hub is strategically located in a core healthcare precinct, where the catchment will benefit from ongoing significant population growth and infrastructure investment,” he added.
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