Australian Unity’s Healthcare Property Trust has completed the purchase of a site in Melton in Melbourne’s west for $15 million with plans to develop a new private hospital.  

The $3.9 billion fund acquired the 7.5-hectare site at 2 Coach Street in Cobblebank, located 36 kilometres west from Melbourne’s CBD. 

The fund plans to develop the site to deliver a private hospital, allied healthcare and retail facilities in a mixed-use town centre, pending development approval.  

The site sits next to the Cobblebank Railway Station and the new Melton Hospital project, which the Victorian Government expects to open in 2029. 

Nicole Plant, Assistant Fund Manager Healthcare Property, Australian Unity, said the acquisition was 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,” Plant said.  

“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. 

“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.” 

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. 

The deal comes after ASX-listed HMC Capital acquired 11 Healthscope-leased private hospitals across Australia from US-listed Medical Properties Trust for $1.2 billion in March. 

Laila Burnet, the National Director of Health, Aged Care and Seniors Living at M3 Property, anticipated more greenfield deals in the healthcare property market this year, as investors looked to grow their portfolios through developments.   

“I think there’s going to be a lot more greenfield development in healthcare moving forward,” Burnet, told ANZPJ last year.