HomeCo outlays $80m on unbuilt healthcare investment

Dexus recently acquired the Spring Hill Medical Centre for its Healthcare Property Fund.

Home Consortium (HomeCo) has purchased Southport’s unbuilt Proxima building from Evans Long.

The funds-through deal, worth $80 million, reflects a 5.65 per cent fully let yield.

Evans Long expects to deliver Proxima by late next year.

To date, 60pc of the eight-storey, 10,600 square metre complex has been leased – to Queensland Health, Griffith University and Sanctuary Early Learning.

The acquisition comes less than three weeks since HomeCo, for its ASX-earmarked HealthCo trust and its unlisted HealthCo fund, paid $110.3m for eight oncology clinic investments – in Queensland, Victoria and Western Australia – and committed $99.2m to complete a west Sydney medical precinct.

In May the buyer outlaid $123 for healthcare assets in Brisbane’s Morayfield and Woolloongabba.

Proxima at Lumina

Proxima will take shape at 16 Nexus Way, opposite Gold Coast Private Hospital (story continues below).

The building will be the first essential services investment within the 9.5 hectare Gold Coast Health & Knowledge Precinct, Lumina, which is replacing the ex-Commonwealth Games Athletes Village.

CBRE’s Michael Hedger, Joe Tynan, Mark Witheriff and Peter Chapple represented Evans Long, which expects to complete construction by late next year.

“We are continuing to see strong levels of capital seeking opportunities in the health sector, in particular private hospitals and life sciences assets, with Australia on track to becoming a world leading life sciences hub,” Mr Hedger said.

Last month, Silverstone Developments banked $130.7m selling two inner north Brisbane investments to Dexus, which will hold them in its $1.3 billion Healthcare Property Fund.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.