Property funds management group Home Consortium (HomeCo) has snared the first health building within the Gold Coast’s new Health and Knowledge Precinct in a fund-through deal valued at circa $80 million.
The Southport asset, known as Proxima, will form part of the Queensland Government’s Lumina development – a 9.5ha zone dedicated to life sciences, health and technology-related businesses.
HomeCo has earmarked the building for its growing healthcare REIT, HealthCo, which recently purchased an eight-property portfolio operated by GenesisCare and a potential $500 million hospital and bio-med research precinct in Camden, NSW.
CBRE’s Michael Hedger, Joe Tynan, Mark Witheriff and Peter Chapple negotiated the deal between HomeCo and experienced developer Evans Long, following the pre-lease of approximately 60% of the Southport building to Queensland Health, Griffith University and Sanctuary Early Learning.
CBRE’s Mr Hedger noted, “We are continuing to see strong levels of capital seeking opportunities in the health sector, in particular private hospital and life sciences assets, with Australia on track to becoming a world leading life sciences hub.”
Evans Long is the first commercial developer to commence construction in Lumina since the land, previously used as the Commonwealth Games Athletes Village, was handed over to the Queensland Government in 2019.
Matthew Evans from Evans Long said, “Proxima represents the latest healthcare asset to be delivered by Evans Long and is our most exciting to date given the potential to make such a positive impact on the community, in particular children’s improved health and wellbeing.”
The fund-through sale value of $80 million reflects an estimated fully leased yield of 5.65%.
Designed by Cottee Parker, the Proxima building comprises 10,600sq m of leasable space over eight levels.
Construction will begin shortly and is expected to be completed in late-2022.
Strategically located across from the Gold Coast Private Hospital, the Southport building will provide a new standard of accommodation for health industries, from care through to research, implementation and development.
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