Australian Unity sells Hunters Hill hospital
Asset manager April Group has picked up the Hunters Hill Private Hospital from Australian Unity’s Healthcare Property Trust.
The deal for 9 Mount Street, worth $28 million, reflects a 5.4 per cent net passing yield.
Ramsay Healthcare is on a lease expiring in 2035 but with options can stay until 2050.
The transaction took nearly two years for AU to seal – concluding at the end of last year after being listed in February, 2023.
Hunters Hill is about nine kilometres west of Sydney’s CBD.
Hunters Hill Private Hospital
Developed in 1922 and extensively refurbished in 2010, the three level hospital contains 39 wards with 40 beds (15 inpatient surgical beds and 25 inpatient rehabilitation beds), nine day chairs, four operating theatres, hydrotherapy pool and gym.
There is a commercial kitchen too.
On 3648 square metres with three street frontages, it also includes 30 car parks.
AU outlaid $6.95m in 2000.
It was valued at $31.5m when it was listed two years ago.
“The sale is in line with the trust’s strategy to selectively divest properties with proceeds being used to reduce debt initially before deployment,” AU general manager, Healthcare Property, Chris Smith, said.
April invests again
April, established in 1988, represents wholesale investors including family offices, SMSFs and high net worth individuals.
It develops too.
Stanton Hillier Parker’s Chris Veitch and Shirley Fan marketed 9 Mount St.
The deal comes nearly three years since April acquired Sydney CBD’s c1920 Lisgar House – an office – from Brookfield for $32.5m.
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