AUREI, which purchased the Townsville-based property for $5.5 million, has announced the property will be converted into a 60-bed mental health hospital.
AUREI head of healthcare and retirement property funds Chris Smith said HealthE Care approached AUREI to partner with it in developing the site.
“HealthE Care identified the site as a suitable location and building for conversion to a mental health hospital, a facility that it had been looking to establish in the area for some time,” Mr Smith said.
Mr Smith also said AUREI had experience in “successfully developing” healthcare sites in the past or partnering with others to do so.
“We are continuing to look for assets to add to the trust, and this acquisition will fit well with the existing portfolio,” he said.
“The trust has significant capacity thanks to very strong inflows in the last 18 months – over the last financial year, inflows reached $140 million – and investor interest in this kind of social infrastructure investment remains very high,” Mr Smith said.