PROPERTY PORTFOLIO

Frankston Private Expansion – currently under construction

Frankston, Victoria

This is a $45 million pre committed expansion on a 2,775 sqm site adjacent to the existing facility and fronting the major Frankston-Flinders highway.

The expansion which will be head leased by Healthscope Limited will see the addition of 60 inpatient beds, 2 additional operating theatres, 90 basement carparks, expanded recovery areas and a relocation of the existing day oncology unit.

The project utilises the Funds “return on cost” model with the hospital operator to pay a rental from completion equivalent to 8.50% on what the project costs.

Site works commenced during December 2015.

Key facts
Description Expansion of the hospital
Ownership 50%1
Ownership type Freehold
Built N/A
Book value2 (50% Interest) $23.1 million
Capitalisation rate N/A
Major tenant(s)
Number of tenants
WALE
Site area 2,775 sqm
NLA N/A
Occupancy N/A
Car parks
Rental reviews N/A
Proposed development stages
  1. GHC is funding 65% of the expansion works currently under way. On completion the Fund will have a circa 57% interest in the consolidated site.
  2. As at 31 December 2016.

Contact details

Asset Manager
Jonathan Greenwood
T +61 3 8656 1054
M +61 422 815 683
Email Jonathan Greenwood
  • Artists Impression at completion

  • January 2016 – Demolition of existing structure

  • February 2016 – Commencement of gas diversion works and site preparation for commencement of piling

  • March 2016 – Piling to all boundaries commenced

  • April 2016 – Bulk excavation complete and retention piling to all boundaries complete

  • May 2016 – Installation of pre-cast concrete panels commenced

  • June 2016 – Installation of formwork and concrete slab pours on ground commenced

  • July 2016 – Concrete slab pours to suspended slabs progressing

  • August 2016

  • September 2016

  • October 2016

  • November 2016

  • December 2016

  • February 2017

  • March 2017

  • April 2017

  • May 2017