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The Fund has recently acquired the Epping Private Hospital and Medical Centre, located at 230 Cooper Street, Epping (‘Property’). The Property is approximately 18 km from the Melbourne CBD, opposite the Northern Hospital in Epping, one of Melbourne’s largest public hospitals, in a rapidly growing medical precinct. The Property is 100% leased with an 8.7-year WALE as at 1 December 2023. Operators within the Property provide both public and private health care services, and the major tenants include Northern Health, GenesisCare, i-Med, Sonic Healthcare (trading as Melbourne Pathology), Family Doctor and DPV Health.
The Property offers both public and private health care services, including a publicly operated women’s health and fertility clinic, allied health, specialist medical services and general practice. The Property is a modern, high-quality facility constructed in 2009, with a further $12 million investment in the hospital fit-out in 2018. It is strategically located opposite the Northern Hospital in Epping, one of Melbourne’s most significant public hospitals, in a rapidly growing medical precinct and provides substantial renewable energy with a 500kW solar array installed in 2021, plus rainwater harvesting and social benefits from the provision of essential healthcare services.
The Property will benefit from increased patronage of the day hospital and medical facility, providing scope for future income growth and the potential to capture value uplift for the Fund.