Brisbane’s Westside Private Hospital sells for $62m

The Westside Private Hospital in Taringa.
The Westside Private Hospital in Taringa.

A partnership between Heathley Asset Management and inter­national property company Grosvenor Group has sealed its first deal, buying the Westside Private Hospital in Brisbane for $61.7 million.

The pair also bought the Mater Women’s and Children’s Hospital in Townsville in a separate deal worth about $30 million.

The plays are a major step for both firms, with Grosvenor becoming Heathley’s first institutional investment partner. Listed group Dexus also has a stake in the company.

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The Evans Long and Montserrat Hospital joint venture — the 10-storey Westside Private Hospital at 32 Morrow St in Taringa — was completed last year and is based on an integrated healthcare model.

In addition to two floors of specialist consulting suites, the hospital floor has five operating theatres, a large procedure room and three treatment rooms as well as Westside Haematology and Oncology.

Essence Medi Apartments & Suites occupies three floors above the Westside Private Hospital and the new 63-room hotel operated by UniLodge subsidiary Essence Apartments and Suites opened this year.

The building also includes a Guardian Child Care Centre, Allied Health facilities, a cafe and food retailers.

The Heathley/Grosvenor venture will acquire well-leased private medical properties across Australia, capitalising on the local group’s expertise in the emerging sector.

Heathley has built up a business of medical centres, hospitals and aged care and, including its pipeline, the facilities have an end value of about $1 billion.

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