A Centuria fund has secured four healthcare assets located in Sydney, the Gold Coast and throughout Western Australia worth more than $115 million.
The Centuria Healthcare Property Fund (CHPF) purchased The Bond development in Bella Vista, Sydney and the Robina Medical Centre project in Robina on the Gold Coast.
The fund also acquired the Greenfields Medical Centre development in Greenfields, WA and the completed Tandara Medical Centre in Gosnells, WA.
Centuria said the three development projects were under construction and capitalised on operator-led fit-outs, which attracted strong tenant covenants and long lease terms.
Centuria Healthcare Managing Director Andrew Hemming said healthcare operators needed to adapt older properties in the past to suit their practice’s needs, which often led to functional inefficiencies.
“A good example of this are primary care and allied health providers occupying older residential buildings,” Hemming said.
“The main drawcard for these properties was their location within key suburban settings.
“We are now seeing a change in operators opting for a premise that, within it, contains referral pathways for optimising their business, or are adjacent to or within a healthcare precinct.
“This new approach builds a strong ecosystem that’s a one-stop-shop for patients requiring referrals, specialist treatments and rehabilitation while enabling operators to create a fully tailored offering where rooms can be set-up for specific procedures, enabling a higher volume of patients to be seen.”
Genera45’s Daniel Steffe acted for Centuria on the Greenfield, Bella Vista and Gosnells acquisitions.
CBRE’s Michael Hedger represented the Robina Medical Centre’s vendor.
The new acquisitions provided a blended weighted average lease expiry (WALE) of 8.6 years and 100% occupancy.
The deals grow CHPF’s portfolio to 23 assets worth $627 million, providing a 10.3 year WALE and 99% occupancy.
Last November, CHPF purchased an in vitro diagnostic manufacturing laboratory in the Melbourne suburb of Mt Waverley for $51 million.
Recent healthcare property deals include Centuria and Morgan Stanley Real Estate Investing forming a healthcare joint venture and investing in three healthcare properties across Victoria and Queensland worth $210 million last month.
In February, NorthWest Healthcare Properties invested $76.6 million to acquire a 27,840 sqm site in Sydney’s southwest suburb of Campbelltown to develop into a multi-stage healthcare precinct.