The property is a two storey building over 2,563 square metres with 100 car parking spaces. Its anchor tenant is Sonic Healthcare who uses the building as a pathology laboratory.
Its location is close to a number of hospitals such as the Calvary Wakefield Private Hospital, Sportsmed SA Private Hospital and Parkwynd Private Hospital, and Fullarton Road is characterised by a number of medical related businesses.
Chris Smith, head of healthcare and retirement property at Australian Unity Real Estate Investment, says that the acquisition will enhance the geographic, property type and tenant income diversification of the HPT.
“HPT has performed extremely well for investors, delivering returns of 10.08 per cent over one year, 8.48 per cent over three years, and 11.33 per cent since inception*.
“We continue to search for high-quality properties to acquire for the HPT to deliver the best possible returns for investors.
“Consistently strong investor support has provided the HPT with significant capacity to fund its development pipeline and to make further selective acquisitions of quality assets such as this” Mr Smith said.
The purchase of the building in Kent Town follows the acquisition of a building in Townsville, Queensland, which AUREI, in partnership with Healthe Care, intends to convert into a mental health hospital. It also purchased Brisbane Waters Private Hospital on the Central Coast of New South Wales in July this year for $16.18 million.
Returns are as at 30 September 2014 for wholesale units in the Healthcare Property Trust, the inception date for the wholesale units is 28 February 2002. Returns are calculated after fees and expenses and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance. In deciding whether to acquire, hold or dispose of the product you should obtain a copy of the current product disclosure statement dated 30 September 2014 and consider whether the product is appropriate for you. A copy of the PDS is available at australianunityinvestments.com.au or by calling investor services on 13 29 39.
Head of healthcare and retirement property
Direct line: 03 8682 4534
Mobile: 0418 379 763