Epping hospital fetches $76m
Northwest Healthcare Properties has sold the Epping Private Hospital & Medical Centre it invested $12 million to fit out five years ago.
Following an estate management issue with an investor, the syndicate which held the asset is reaping c$76 million – reflecting a 7.1 per cent net passing yield.
KordaMentha managed KM Property Funds is the buyer; it is now calling for investors in a new entity, the Epping Healthcare Fund, promising annual distribution yields of over 6.4pc.
Knight Frank’s Sam Biggins and Trent Preece were the agents.
Biggest healthcare deal this year
Developed in 2009, the three storey Epping Hospital and Medical Centre at 230 Cooper Street contains 9551 square metres.
Northern Health, the operator of Northern Hospital, the anchor – occupying 49pc (story continues below).
Genesis,I-Med, Melbourne Pathology and Family Doctors are amongst the other tenants.
The weighted average lease expiry is 8.7 years.
The result makes it the country’s biggest healthcare sale this year.
Epping is 20 kilometres north of Melbourne’s CBD.
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