PROPERTY PORTFOLIO

Frankston Private

24-28 Frankston-Flinders Road, Frankston, VIC

The Fund owns a 50% interest in Frankston Private, a four level, purpose built hospital and medical facility that was completed in August 2006. It is an integrated outpatient cancer facility strategically located near the region’s major public hospital and within a significant medical precinct. The facility comprises a three theatre, 17 bed day surgery unit, radiation oncology, day oncology, medical imaging, pathology laboratory, medical consulting, pharmacy and supporting uses of a café, centre management and state-of-the-art education and conference unit. There are also 83 onsite car spaces. The other 50% interest is owned by two doctors who developed the facility. The landlord entity has entered into an agreement for lease with Healthscope to undertake a major expansion of the facility. This is based on a return on cost model at 8.50% with Healthscope to take a 20 year head lease. The expansion is expected to conclude in April 2017.

Key facts
Description Day surgery, cancer services, diagnostic and medical office
Ownership 50%
Ownership type Freehold
Built 2006
Book value (50% Interest) $26.3 million
Capitalisation rate 6.00%
Major tenant(s) Healthscope Limited, Genesis Cancer Care and MIA Radiology
Number of tenants 8
WALE 13.4 years
Site area 3,916 sqm
NLA 4,528 sqm
Occupancy 100%
Car parks 83
Rental reviews Combination of CPI, fixed and market reviews
Proposed development stages

Contact details

Asset Manager
Jonathan Greenwood
T +61 3 8656 1054
M +61 422 815 683
Email Jonathan Greenwood
Property Manager
Corina Miller - Healthcare Real Estate Australia
T +61 3 9811 5111
Email Corina Miller