Medical Facility in Orange Sold to Uni19 April 2020
Charles Sturt University has acquired a clinical training facility at the new and highly-acclaimed Bloomfield Private Medical Centre in Orange.
The University paid $12,705,000 for the 2,237sqm facility ($5,680/sqm), located on the first level of the building.
The Bloomfield Private Medical Centre comprises of six levels over 13,000sqm and will include state-of-the-art operating theatres, a hospital ward, a wide range of medical specialists, as well as facilities for general practitioners, imaging and pathology. Also included is a pharmacy and café.
The Orange Private Hospital will occupy levels 2 and 3 and include space for seven operating theatres, 34 ward rooms and six high-dependency rooms.
The Forest Road site, which is situated across from Orange Health Service, is the largest regional facility outside metropolitan Sydney and Newcastle. The acquisition was secured through negotiations with the building’s developers, Frank O’Halloran AM of James Richmark Pty Ltd in association with Zauner Construction.
The building is part of a multi staged development which itself forms part of a 400-hectare development zone around the Bloomfield Hospital campus which the Council and State Government are seeking to transform into a ‘Life Sciences’ precinct as part of the ActivateOrange plan.
Zauner Construction managing director Garry Zauner, has previously reported that work on a 82-room medi-motel, for patients and their families will commence shortly, followed by a childcare centre with the capacity for 104 children of workers from the private hospital and Orange hospital on the opposite side of Forest Road.
Strong demand for alternative property assets is likely to continue as the health sector demands accelerate.
Australian Unity’s $2 billion Healthcare Property Trust is one of the largest unlisted healthcare REITs in the country and recently raised the $291 million in equity from new and existing investors to fund acquisitions and its development pipeline. The trust’s wholesale units produced a total return of 10.33% per annum over the past decade, and total returns of 11.07% over one year, 13.27% per annum over three years and 13.02% per annum over five years.