- Brisbane shopping centre acquired by Mintus from Dexus Wholesale Property Fund
- Centuria Agricultural Fund acquires $70 Port Augusta farm in South Australia
- Healthscope to redevelop north Melbourne hospital
Brisbane’s Beenleigh Marketplace has been acquired by property investment and development firm Mintus for $85 million.
The off-market transaction was negotiated by CBRE’s Simon Rooney on behalf of Dexus Wholesale Property Fund.
Mr Rooney said, “The transaction demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending. There is particularly strong interest in assets which offer strategic value-add opportunities.”
The Brisbane asset spans 60,680 square metres, including the 20,252 square metre centre itself on a 56,290 square metre site alongside an adjoining office building and ancillary land totalling 4,390sqm.
Beenleigh Marketplace is some 32 kilometres from Brisbane’s CBD, draws 2.6 million visitors every year, and has a moving annual turnover of $117 million.
Mr Rooney said investors were attracted by the centre’s combined sales performance and the exceptional income security of the major tenants Woolworths and Big W, coupled with the centre’s robust specialty productivity of $8,753/sqm, and occupancy cost of 12.5%, well below the relevant industry benchmark.
South Australian farm sold for $70 million
Centuria Agriculture Fund (CAF) (managed by Centuria Capital Group ASX: CNI) has secured a $70 million asset in an off-market transaction. The vendor is the Morrison & Co Growth Infrastructure Fund.
One of South Australia’s largest glasshouse assets, CAF will enter a 20 year sale and leaseback arrangement in respect of the property with sustainable horticultural operator, Sundrop Farms.
The acquisition is supported by strong leasing covenants including a triple-net lease and CPI-linked annual rental reviews and following the acquisition, CAF’s portfolio will be valued at $247 million with a 19.4 year WALE and 100% occupancy. Centuria’s entire agriculture AUM is worth $421 million.
The 246 hectare Port Augusta site provides four five hectare glass houses, a 1.4 megalitre reverse osmosis plant, a 1 megalitre desalination plant, a 25 megalitre storage dam, a packaging warehouse, and a 12.5 hectare concentrated solar energy system.
Jason Huljich, Centuria Joint CEO, said, “Agricultural real estate throughout Australia continues to experience strong tailwinds resulting from strong global demand for Australian agricultural products and technological innovations. We are pleased to partner with Sundrop who has developed world-first integrated sustainable farming technology resulting in more predictable volumes of produce in a protected farming environment.
Melbourne hospital to be redeveloped
Healthscope will redevelop La Trobe Private Hospital in Bundoora.
The hospital will be turned into a 34 bed facility with four operating theatres and a four-bed High Dependency Unit.
The hospital will support a range of clinical specialities, including orthopaedics, general surgery, plastic surgery, and ENT.
The new facilities will provide more clinical education placements for La Trobe students, and boost the research capability of La Trobe.
La Trobe Vice-Chancellor Professor John Dewar AO said the building project will strengthen both organisations’ ability to make an impact in Melbourne’s north and beyond.
“We already partner with Healthscope to conduct major joint research projects to improve healthcare quality and safety, which benefits patients and communities across the country,” Professor Dewar.
“These new facilities based at our Bundoora campus will enhance that research – and provide more opportunities for our allied health and nursing students to gain essential knowledge of industry practice before they enter the workforce.”
Healthscope CEO, Greg Horan, said the redevelopment represents a new and exciting stage in its long-standing partnership with La Trobe University.
“Both organisations are firmly focussed on improving patient experience, patient outcomes and healthcare quality and safety,” Mr Horan said.
“Our longstanding partnership with La Trobe University has both contributed to the pool of medical research and knowledge and supported students with vital training and in-hospital experience.
“At Healthscope, we are committed to investing in leading edge hospital facilities and clinical services, which let our dedicated, skilled and passionate nurses, doctors and clinicians provide outstanding patient care and treatment,” Mr Horan said.
“The works at La Trobe Private, coupled with the redevelopment of our nearby Northpark Private Hospital, is further evidence of that commitment, and will deliver a substantial lift in health services and patient access to care in Melbourne’s rapidly growing northern corridor.”
