Australian Unity's Healthcare Property Trust (HPT) has announced new projects in Sydney and the Gold Coast.
According to an Australian Financial Review (AFR) report, the healthcare property fund’s new projects total $250 million, a part of a $1.2 billion planned development pipeline over the next four to five years.
They include new hospital, medical centre, and brownfield expansion projects in New South Wales, Victoria, and Queensland, which are expected to boost the value of assets under management by more than 30%.
Commenting on the new projects, Chris Smith, general manager for healthcare property at Australian Unity, said: “We've got a clear line of sight to $4 billion,” adding that work will commence within a month on the new $96 million Wyvern Private Hospital in Terrey Hills on Sydney's northern beaches, which HPT is funding through a mix of debt and equity.
The company expects the new hospital to be completed in mid-2023, featuring eight operating theatres, 84 beds, associated clinical support units such as radiology and pathology, consulting suites, and a 148-space car park.
“This is a doctor-led model,” Smith said, as reported by the AFR. “We know demand is strong in Terrey Hills – the northern Sydney catchment is a highly insured population with 75% covered by private health insurance compared with 50% across greater Sydney.”
On the Gold Coast, HPT and hospital operator Aurora Healthcare Australia have teamed up to lodge a development application for a $150 million expansion of the Robina Private Hospital to meet the increasing demand for mental health and surgical services.
Aurora Healthcare chief executive Julia Strickland-Bellamy noted that the 90-bed Robina Private Hospital was operating at full capacity, so it needed more space.
“The expansion will enable Robina Private Hospital to expand all existing services and provide additional purpose-designed [specialty] units for the ever-growing health and mental health service requirements here on the Gold Coast,” Strickland-Bellamy said, as reported by AFR.
