Vital, Centuria sell Gold Coast assets

Vital recently banked $38 million for Westmead’s Mons Road Medical Centre.

Dexus has added the first asset to its $1.8 billion Healthcare Property Fund since a capital raising two months ago closed $220 million oversubscribed.

The Southport Private Hospital, about four kilometres north of Surfers Paradise, on the Gold Coast, is costing c$51m.

Operator Ramsay Health Care – a Dexus tenant client – is on a 20 year lease; the rental agreement for the 90-bed mental health and rehabilitation facility opened in 2007, is CPI-linked.

Vital Healthcare Property Trust is the seller.

Managed by Northwest Healthcare Properties, the asset was the last in a portfolio listed earlier this year, designed to return nearly $200m: the other investments include, in Sydney’s Westmead, the Mons Road Medical Centre, which traded to Barwon Investment Partners for $38m, Noosa’s Eden Private Hospital and, in Auckland, the Apollo Health and Wellness Centre.

The four properties fetched c$143m – a blended nine per cent discount to the December, 2022, book values.

Proceeds will be tipped into the fund’s development pipeline and to repay debt.

Dexus backs Queensland healthcare again

The Southport deal comes two years since Dexus, for DHPF, paid Silverstone Investments $130.7m for a 10 level medical centre at Spring Hill and a Herston car park, both in Brisbane.

In 2020 meanwhile, again in the Brisbane capital, the fund outlaid $36.5m for the College Junction complex – a three level medical centre – at Clayfield.

Dexus manages and is one of six DHPF investors.

“We are pleased to extend our partnership with Ramsay Health Care through the acquisition of this high quality hospital, while supporting the delivery of essential health services to the Southport community,” Dexus fund manager, Jemma Maddick, said (story continues below).

Centuria purchased the Robina office for $46 million in 2015.

“This investment is in line with the fund’s strategy of securing core, CPI-linked, long WALE [weighted average lease expiry], high quality healthcare assets leased to blue-chip operators in key areas with high demand for healthcare services,” she added.

Centuria divests Robina office

Meanwhile, in an office deal, Brisbane based Exceed Capital has paid Centuria $40m for an office at 35 Robina Town Centre Drive, Robina.

Over six levels, the former Foxtel headquarters contains 9173 square metres of A-grade area.

A recent $4m refurbishment improved the foyer, amenities and end of trip facilities.

The site spreads 6760 sqm adjoining the Robina Town Centre.

The property also includes 249 car parks.

Knight Frank’s Matt Barker, Blake Goddard and Justin Bond were the agents.

Centuria paid $46m in 2015.

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Marc Pallisco

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