This article is from the Australian Property Journal archive
THE Australian Unity Healthcare Property Trust has purchased a commercial building at Greensborough in Melbourne’s north-east and the trust has plans to develop a large format medical centre.
The HPT acquired the property at 9-13 Flintoff St, Greensborough, Victoria for $6.8 million. This is the fourth acquisition and development that HPT will undertake with Primary Health Care.
The property comprises a two-level commercial building on a 2,488 sqm site. HPT plans to develop a large-format medical centre which would include general practice, day surgery, pathology, radiology, pharmacy and physiotherapy, at development cost of $13.3 million.
Upon completion of the works, the property will be leased to Primary Health Care on a 15-year lease.
Australian Unity Real Estate Investment head of healthcare and retirement funds Chris Smith said HPT’s acquisition and development pipeline continues to grow and currently represents a total investment of more than $260 million over the next two years.
“This acquisition is consistent with HPT’s strategy to expand the portfolio by capitalising on opportunities to provide sought-after medical services to more Australians. It was funded from HPT’s cash reserves, bringing its assets under management to more than $940 million with a portfolio of 32 properties,” Smith said.
Australian Property Journal
