BERGHOFER CASHES IN FOR A HEALTHY $81.5M

Written on the 13 April 2016 by Jenna Rathbone

BERGHOFER CASHES IN FOR A HEALTHY $81.5M

TOOWOOMBA'S richest man Clive Berghofer has sold a Brisbane commercial property occupied by Queensland Health to a major investment fund for $81.47 million.

Berghofer, who is well regarded across Australia for his philanthropic deeds, is set to pocket a cool profit for the four-storey building, having purchased it in 2009 for $67.5 million.

The property, located opposite the Royal Brisbane Hospital, comprises 11,075sqm of net lettable space and is leased to the Queensland Government's Department of Health for just shy of five years.

CBRE's Mike Walsh and Peter Court negotiated the property's sale to Australian Unity in an off-market deal.

Walsh says the property's strategic location and its cashflow, underpinned by the Department of Health, were pivotal to the sale.

"This building's attractive tenancy profile and immediate proximity to the Royal Brisbane Hospital bolstered its investment appeal to Australian Unity given the asset has been purchased in their Healthcare Fund," says Walsh.

"Australian Unity has formed a view that the tenant will remain in the property beyond the initial term given the asset's position directly opposite the hospital and natural advantages this location provides.

"Additionally, there are some other synergies associated with this deal relevant to Australian Unity's mandate which justified its final position."

Walsh says the sale comes after a series of recent acquisitions for Australian Unity.

"This acquisition ensures Australian Unity is well positioned in a key Brisbane market with arguably the most prime asset available next to the Royal Brisbane Hospital," says Walsh.

"The scale of this landmark transaction reinforces the unabated strength of capital markets and highlights the premiums being paid for prime investment stock in a market lacking these types of opportunities."

Berghofer, whose wealth is estimated by BRW at $369 million, is well known for his generosity to medical research in Australia, which includes pledging a record $50.1 million in 2013 to what is now the QIMR Berghofer Medical Research Institute in Brisbane.

Berghofer was formerly the Mayor of Toowoomba and a member of the Queensland Government.


Author: Jenna Rathbone
About: Jenna Rathbone is a Queensland-based journalist who writes on a range of issues including business and property affairs and social issues.
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