Dexus Healthcare Property Fund (DHPF) has purchased Spring Hill Medical Centre at 525 Boundary Street, Spring Hill and Herston Car Park at 43 Butterfield Street, Herston in Brisbane from Silverstone Developments.
The properties are fund-through developments located within established health precincts in Brisbane and were acquired for a combined price of circa A$130.7 million.
Spring Hill Medical Centre is located opposite St Andrew’s War Memorial Hospital in the inner northern Brisbane suburb of Spring Hill. The site comprises a nine-storey development which will be anchored by a day surgery accompanied by ancillary healthcare services. Leasing is underway, with negotiations progressing with a national day surgery operator for up to four floors of the building.
Located within a separate health precinct, Herston Car Park will be subject to a five-year lease and provides 354 car bays. The car park will be directly adjacent to one of Australia’s largest and growing integrated precincts, the Herston Health Precinct, which is home to the Royal Brisbane and Women’s Hospital. The car park will support current and future demand generated from the considerable infrastructure investment planned at the precinct over the next 10 years.
Dexus Executive General Manager, Funds Management, Deborah Coakley said: “These off-market acquisitions deliver value add opportunities to our investors in a highly competitive market. These new developments continue to deliver on DHPF’s portfolio of high quality healthcare infrastructure integrated within established health precincts.”
Settlement of these acquisitions are expected by the end of July 2021.