torrington-st-entry-dexus-spring-hill-medical-cenrtre-feature
The Spring Hill building is six storeys high. Image – Supplied.
  • DHPF acquired Spring Hill Medical Centre
  • The acquisition also includes a Herston Car Park
  • Herston Car Park is part of the health precinct featuring Royal Brisbane Hospital

Earlier this month, Dexus (ASX: DXS) made moves in the healthcare sector, teaming up with Australian Unity (ASX: AYU), in particular, the Australian Unity Healthcare Property Trust (AUHPT).

AUPHT announced that it will raise up to $320 million, with $180 million coming from Dexus.

1. Corner of Boundary St & Torrington St - Day
Spring Hill Medical Centre. Image – Supplied.

Today Dexus Healthcare Property Fund (DHPF) announced the acquisitions of Spring Hill Medical Centre and Herston Car Park. Located at 525 Boundary Boundary Street, Spring Hill and 43 Butterfield Street, Herston, respectively, the combined price was $130.7 million.

The Spring Hill Medical Centre is located opposite St Andrew’s War Memorial Hospital in the inner northern Brisbane suburb of Spring Hill.

A nine-storey building, Dexus said:

“[The development] 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.”

Dexus

3. Torrington St Vehicle Entry - Day
Spring Hill Medical Centre. Image – Supplied.

The Herston Car Park site is located in a separate health precinct to Spring Hill Medical Centre, and “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 off-market acquisitions will bring the DHPF portfolio to over $1.2 billion in size, with the company also acquiring the Bethesda Clinic fund-through development in Perth earlier this month.

5. Torrington St Elevational View - Day
Spring Hill Medical Centre. Image – Supplied.
You May Also Like

Seashells to operate Middleton Beach Hotel

Seashells Hospitality Group have been announced as the operator for the 80 plus room facility…

Vicinity Centres value down $570M following six-month decline

Retail property posts lower valuation following tough pandemic lockdowns…

Quay Quarter reaches 85% pre-commitment rate a year prior to completion

Despite being a year out from completion, 85 per cent of AMP’s Quay Quarter has been pre-committed by tenants..