This article is from the Australian Property Journal archive
THE Australian Unity Healthcare Property Trust has snapped up a key landholding, next to the new Melton Hospital in Melbourne’s outer western suburb.
The circa $3.9 billion trust completed the acquisition of the 7.5-hectare site at 2 Coach Street, Cobblebank in Melton, located around 36km out from the Melbourne CBD.
The Healthcare Property Trust has paid $15 million for the site, which it plans to develop a future private hospital, allied healthcare and retail facilities in a mixed-use town centre, pending development approvals.
Situated in the rapidly expanding outer western suburbs, the site is located next to the Cobblebank Railway Station and the new Melton Hospital project, which the state government anticipates opening in 2029.
“Population growth in the City of Melton is currently outstripping all other areas in Victoria, recording a 6.4 per cent increase from 2021 to 2022,” said Nicole Plant, assistant fund manager, healthcare property at Australian Unity.
“This isn’t expected to slow down, as by 2036 more than half a million people are set to join the growing western Melbourne population.”
Plant noted the acquisition is in line with the trust’s investment strategy to deliver critical healthcare infrastructure to meet the needs of such fast growing communities, while also delivering value for its investors.
“Through this acquisition, the trust will bring its significant experience in healthcare-related development to provide long-term healthcare infrastructure solutions for residents of Melbourne’s west,” added Plant.
This latest acquisition adds to the Healthcare Property Trust’s expanding footprint in the western suburbs, following the recent March opening of the Sunshine Private Hospital, a 75-bed hospital and Australia’s first all-electric private hospital.
Back in March, the trust tapped investors for for $350 million to fund new acquisitions and developments and strengthen its balance sheet.