The Fund owns a 50% interest in Frankston Private, a four level, purpose built hospital and medical facility that was completed in August 2006. It is an integrated outpatient cancer facility strategically located near the region’s major public hospital and within a significant medical precinct. The facility comprises a three theatre, 17 bed day surgery unit, radiation oncology, day oncology, medical imaging, pathology laboratory, medical consulting, pharmacy and supporting uses of a café, centre management and state-of-the-art education and conference unit. There are also 83 onsite car spaces. The other 50% interest is owned by two doctors who developed the facility. The landlord entity has entered into an agreement for lease with Healthscope to undertake a major expansion of the facility. This is based on a return on cost model at 8.50% with Healthscope to take a 20 year head lease. The expansion is subject to town planning approval.