Generation Healthcare REIT spends $2.4 million on Berwick site

Jonathan ChancellorFebruary 26, 2013

Generation Healthcare REIT, Australia’s only listed healthcare property entity, will build a $150 million, staged development healthcare project on its newly-acquired development site in Berwick in Victoria.

The 1.2 hectare holding has existing approval for a medical centre, radiotherapy/day surgery and medical consulting building, along with a 200 bed private hospital.

Its located opposite Casey Public Hospital.

The $2.4 million purchase will be funded by its debt facility with the National Australia Bank.

The development site at 55 Kangan Drive, Berwick is set within Victoria’s largest and fastest growing municipality.

GHC’s chief executive officer, Miles Wentworth said plans were well advanced for the commencement of stage one; a $10 million, 2,500 square metre medical specialist centre, although tenant pre-commitment will be a condition to proceeding.

Generation Healthcare REIT has a portfolio of seven properties including hospitals, medical centres, laboratories and other purpose built healthcare facilities.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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