PROPERTY PORTFOLIO

Epworth Freemasons Private Hospital (Clarendon Street)

Cnr Clarendon Street and Albert Street, East Melbourne, VIC

This building includes a 176 bed hospital and associated facilities located in the exclusive inner suburb of East Melbourne. The Fund and the hospital operator (Epworth) are 50:50 joint venture owners in the property. This hospital comprises 164 inpatient beds, an eight bed critical care unit, four monitored beds and six operating theatres. There have been numerous upgrade works undertaken at the facility since purchase, including a recent upgrade of the lifts servicing the facility and the installation of an additional theatre to provide for robotic surgery.

In May 2014, GHC had contracted with its 50% joint venture partner and head lease, Epworth Foundation, to contribute to a major refurbishment, expansion and service renewal of the existing campus. The conditions of the additional investment include an 8 year lease extension to 20 years.

Key facts
Description Hospital with ancillary diagnostic and cancer services
Ownership 50%
Ownership type Freehold
Built 1935, with extensions in 1950s, 60s, 70s, 90s and 2007
Book value (50% Interest) $48.7 million
Capitalisation rate 5.50%
Major tenant(s) Epworth Foundation
Number of tenants 1
WALE 17.4 years
Site area 9,173 sqm
NLA 13,990 sqm
Occupancy 100%
Car parks 79
Rental reviews Annual reviews to the greater of CPI and 3%
Proposed development stages

Contact details

Asset Manager
James O'Keefe
T +61 3 8656 1058
M +61 408 171 101
Email James O'Keefe