The Fund’s initial asset was the
Anglesea Medical Centre. Located in Hamilton’s CBD, in Centuria’s opinion, it is one of New Zealand’s largest private health care centres. Anglesea Medical Centre offers income diversification through 28 tenants, many being the Waikato’s leading medical and healthcare providers.
Since the Fund’s establishment, it has also acquired Anglesea Medical Centre’s neighbouring property, 26 Clarence Street, Hamilton. This asset is 100% leased by the Waikato District Health Board on a six-year lease that commenced in March 2021. This acquisition is complementary to Anglesea Medical Centre in both tenant type and the location of the property, which is adjacent to the rear access, providing further options for future redevelopment.
The Fund has also owns a City Fitness Gym building located in a new subdivision within a growth location near Christchurch Airport. Constructed in 2019, this modern facility provides a new 12-year lease term from the settlement date and rights of renewal until 2045 along with a 12 month rental guarantee from the tenant’s parent company.
In September 2022, the Fund acquired 40 Clarence Street, Hamilton. 40 Clarence Street is an office building with 14 car parks and is occupied by the Waikato District Health Board. The recent acquisition brings the total number of properties in the Fund to four.
In 2023, the Fund acquired a portfolio of four aged care properties providing long-term stabilised income with fixed rental growth in Blenheim, New Plymouth and two in Christchurch. These properties benefit from sought after “Triple Net Leases” to Heritage Lifecare with lease terms current until April 2052 and rights of renewal totalling a further 60 years, taking the final expiry through to March 2112.
In addition, a multi-level office building located at 124 Vincent Street, Auckland CBD was acquired in mid 2023. Offering significant value-add potential, the building has eight levels of office and three levels of basement carparking with a net lettable area of 4,284sqm and 63 carparks.
