BILLION-DOLLAR FUND PLANS ROBINA HEALTH HUB
Written on the 27 July 2016
BILLION-dollar investment fund Australian Unity Healthcare Property Trust has topped up its holdings on the Gold Coast by snaring two medical properties at Robina for $30 million.
The move is part of plans by Australia's largest healthcare property fund to create a major new health precinct in the suburb's commercial hub.
The latest deals bring the fund's total investment in Robina to $64 million, which includes construction of the new Robina Private Hospital due for completion in September.
The trust has acquired the Campus Alpha building at 2 Investigator Drive from Robina Group for $26.225 million and an adjacent 3164sqm site at 34 Investigator Drive for $3.77 million. It also owns a development site at Campus Crescent, bought in April for $3.92 million.
Chris Smith, head of healthcare property at Australian Unity Healthcare Property Trust (HPT), says the fund has targeted Robina for its planned healthcare vision due to strong growth fundamentals for the broader Gold Coast region.
"The healthcare precinct at Robina, currently anchored by the Robina Hospital and Queensland Health's Robina Health Precinct, is a premium, emerging location on the Gold Coast for health-related investment," he says.
"Robina is a fast-growing suburb in the Gold Coast region of Queensland, with a population of more than 600,000.
"The close proximity of the soon to commence Primary Health Care medical centre, along with the site at 34 Investigator Drive and the Campus Alpha building, will provide flexibility to develop additional health related space and car parking to meet future demand for the services provided in the precinct."
Smith says Australian Unity is an active long-term investor in building and improving Australia's social infrastructure.
"As the demand for healthcare services increases in line with Australia's rapidly ageing population we have prioritised expanding, improving and upgrading the HPT's existing hospitals and medical centres to meet this demand."
Development plans for the new acquisitions have not been disclosed.
HPT is Australia's largest healthcare property fund, with a portfolio of 39 healthcare-related properties including hospitals, medical clinics, day surgeries, consulting rooms and specialist centres such as radiology and pathology.
The wholesale version of the HPT has returned investors 10 per cent per annum over the last 10 years, boosted by a 20 per cent return in FY16.