The Heathley Medical Development Fund No. 3 is an unlisted single medical property development fund. The Fund aims to provide development returns to Investors through the acquisition of "raw" land, obtaining full development and planning approval for the development of a specialised four-storey medical property, pre-leasing the property to a major healthcare property user and utilising a Fund-through Buyer to fund the construction.
|Type||Unlisted Single Property Development Fund|
|Status||Closed for investment|
|Fund commencement||August 2017|
|Fund Term||19 Months|
The Heathley Medical Development Fund No. 3 was setup to:
1. acquire the Property – which currently has no development application (DA) attached to it;
2. increase the value of the Property – participate with Longfield Property in the value add associated with obtaining development approval for the Property by:
(a) obtaining development approval for a four storey medical property covering approximately 6,325 square metres of net lettable area (NLA) with 180 car parks; and
(b) securing leasing interest for the planned net lettable area of the Property.
3. sell the Property to a Fund-through Buyer: secure another party (Fund through Buyer) to acquire the Fund’s 100% interest in the Property following development approval. The Fund-through Buyer will then fund the Project through to practical completion, realising development profit for the Fund. The Fund-through Buyer would potentially be a Heathley managed property fund.
Given the early stage of the Project, there are multiple value add initiatives to the Target Strategy which will be reviewed on a case-by-case basis during the Project term.