The mutual fund has delivered its first building as part of Brisbane’s Herston Quarter precinct, 2km north of the Brisbane CBD, which will be home to the new Surgical, Treatment and Rehabilitation Service (STARS) – on deadline three-and-a-half years later.
As we reported here, Australian Unity secured the rights to the high-profile development, beating out a joint venture between Lendlease and Trinity Health and a rival bid from Frasers Property.
The STARS will provide medium to long-stay rehabilitation services, short-stay elective surgery (such as endoscopy), and specialist outpatient care and includes 182 beds, seven operating theatres, three endoscopy suites, and specialist consulting rooms.
The Herston Quarter is located within the Herston Health Precinct which includes Royal Brisbane and Women’s Hospital, The University of Queensland, Queensland University of Technology, and QIMR Bergohfer Medical Research Institute.
Australian Unity’s $2.32 billion Healthcare Property Trust has also proved successful this year, acquiring six aged care homes from Infinite Care under an opco/propco deal.
The homes – located in Harlaxton, Cornubia, Ipswich, Manoora (Edge Hill Orchards), Caravonica Waters and Edmonton Gardens in QLD – are being leased back to Infinite Care on a 25-year lease term.
In the last 12 months, the Trust has also key sites across Queensland, NSW, and Victoria for hospital developments in healthcare precincts.
In total, it now has 60 properties across Australia, including 19 in QLD and says it will invest $460 million in construction activity over the next three years – extended by another $150 million debt facility.