Australian Unity Property Trust selling medical centres to invest in aged care

Australian Unity’s $3.6 billion Healthcare Property Trust has put its Greensborough Medical and Dental Centre, 17km northeast of the Melbourne CBD, on the market and will use proceeds from the sale to retire debt and for east coast private hospital and aged care investments.

Chris Smith, General Manager – Healthcare Property at Australian Unity, told The SOURCE, Australian Unity Healthcare Property Trust "continues to divest some of its medical centre properties (including Greensborough Medical Centre) in line with its active portfolio management and focus on capital management initiatives.

"The proceeds from the medical centre sales will initially be used to reduce debt and ultimately, to fund brownfield and greenfield developments across the eastern seaboard such as the $100 million Wyvern Private Hospital in Terrey Hills, NSW and the $70 million Infinite Care Knox, Aged Care development, in Knoxfield, VIC."

A sod-turning ceremony for Infinite Care Knox was held last month. The home, located 27km east of the Melbourne CBD, will feature dining and recreation amenities, an onsite cafe, and club floor that will overlook the Waterford Valley Golf Course and Dandenong Ranges. The home is set to open its doors in December 2025.

Australian Unity Healthcare Property Trust acquired the 2,448sqm Greensborough Medical and Dental Centre in 2016 for $7.26 million. Agents Colliers expect the property to fetch more than $40 million.

Australian Unity Healthcare Property Trust recently sold the Manningham Medical Clinic in Lower Templestowe, east Melbourne, for $45 million and Corrimal Medical Centre, in Wollongong, 60km southwest of Sydney, for $20 million.