01/06/2021 - 11:15

Bethesda kicks off $58m development

01/06/2021 - 11:15

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Bethesda Health Care has awarded a contract to Broad Construction to build its new facility at Cockburn and struck a deal to sell the asset to property group Dexus.

Bethesda kicks off $58m development
The first sod was turned today the Cockburn site.

Bethesda Health Care has awarded a contract to Broad Construction to build its new facility at Cockburn and struck a deal to sell the asset to property group Dexus.

Dexus Healthcare Property Fund has conditionally acquired a 100 per cent interest in the mental health facility, to be known as Bethesda Clinic.

The development, which has been designed and will be delivered by Bethesda, was acquired on a ‘fund-through’ basis with an on-completion value of $58.3 million.

Bethesda will lease the facility for 20 years upon completion of the building.

The first sod was turned today, with completion expected late 2022.

Stage 1 of the development will comprise a 45-bed mental health clinic with outpatient services.

Bethesda holds an option to develop a second stage, with the final configuration to be worked through in coming months.

The new facility represents a major expansion for Bethesda, which provides acute surgical and specialist palliative care at its 88-bed hospital in Claremont.

The not-for-profit group has total assets of $56 million.

Bethesda chief executive Neale Fong said there was a significant under supply of mental health beds south of Perth and in WA’s southern regions.

“The clinic is a new service offering for Bethesda that will alleviate current pressures on the system by offering private inpatient and community care closer to home,” Dr Fong said.

“The project will bring together psychiatrists, psychologists and expert care organisations and will focus on improving mental health and well-being.

“For too long people who are eligible to access private health, as well as veterans with Gold and White cards, have had to travel great distances to get care. The additional services will also assist in reducing some of the demand for public mental health services.”

Dexus executive general manager funds management Deborah Coakley said she was pleased to welcome a new relationship onto the Dexus platform.

“This acquisition will deliver another premium asset for DHPF, and it is pleasing to see an asset contributing to satisfying the high demand for purpose built mental health facilities,” Ms Coackley said.

“This acquisition is in line with our strategy to support investor demand for high quality, diversified healthcare assets, taking DHPF’s portfolio to over $1.3 billion.”

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