Australian Unity Healthcare Property Trust acquires key land holding in Melbourne’s fast growing outer western suburbs

22 June 2023

Tags: Media

Australian Unity’s ~$3.9 billion Healthcare Property Trust has completed the acquisition of 2 Coach Street, Cobblebank located in Melton, Victoria for $15 million (plus acquisition costs).

The 7.5 hectare site is located in Melbourne’s rapidly expanding outer western suburbs, some 36 kilometres from Melbourne’s CBD. It sits next to the Cobblebank Railway Station and the new Melton Hospital project, which the Victorian Government expects to open in 2029.

Pending development approval, the Healthcare Property Trust plans to develop the site to deliver a private hospital, allied healthcare and retail facilities in a mixed-use town centre.

Nicole Plant, Assistant Fund Manager Healthcare Property, Australian Unity, said the acquisition is in line with the Trust’s investment strategy to deliver critical healthcare infrastructure to meet the needs of rapidly growing communities, while delivering value for investors.

“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. 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.”[1] [2]

“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,” said Ms Plant.

The Melton South site adds to the Healthcare Property Trust’s growing presence in Melbourne’s western suburbs and follows the opening of Sunshine Private Hospital, a 75-bed hospital and Australia’s first all-electric private hospital, in March this year.

[1] Australian Bureau of Statistics, Regional Population, 2023

[2] Victoria in Future 2019, Victorian Department of Environment, Land, Water and Planning, 2019.


Media contact:
T: 1300 408 776

About Australian Unity
Established in 1840, Australian Unity is a member-owned wellbeing company with more than 385,000 members and more than 700,000 customers. Our range of health, wealth and care products and services provides member, customer and community value that is supportive of personal and community wellbeing.

About Australian Unity Healthcare Property Trust
Australian Unity's $3.9 billion Healthcare Property Trust was launched in 1999 and has grown to become one of Australia’s largest and most successful unlisted property funds. The Trust currently owns a portfolio of 102 quality assets, including hospitals, medical clinics, aged-care properties, day surgeries, medical offices, consulting rooms, rehabilitation units, radiology, and pathology centres.

Related article

Australian Unity named in AFR Sustainability Leader list for third consecutive year

Australian Unity has been recognised as one of the Australian Financial Review’s (AFR) Sustainability Leaders for the third consecutive year. This accolade acknowledges Australian Unity’s $50 million wellbeing-based sustainability-linked loan (SLL) with Westpac Bank.

Read more

Australian Unity’s sustainable cash and fixed interest manager Altius Asset Management to be acquired by Australian Ethical

Australian Unity’s Wealth & Capital Markets platform (W&CM) announced today it will sell its circa. $2 billion sustainable cash and fixed interest manager, Altius Asset Management (Altius) to Australian Ethical (ASX: AEF).

Read more

Australian Unity appoints Darren Dawson as General Manager, Social Infrastructure Funds

Australian Unity has appointed experienced sustainable finance and ethical investment executive, Darren Dawson, as its General Manager, Social Infrastructure Funds.

Read more

Perennial Partners to take over management of Australian Unity’s Future of Healthcare Fund

Perennial Partners (Perennial) and Australian Unity Funds Management Limited (AUFM) are pleased to announce that they have entered into agreements to transfer the investment management rights of the Australian Unity Future of Healthcare Fund (Fund) to Perennial.

Read more