Mutual organisation Australian Unity has beaten a joint venture between listed heavyweight Lend Lease and Trinity Health for the rights to Brisbane’s $1.1 billion Herston Quarter redevelopment.
The site in inner Brisbane is one of the most high-profile development opportunities in southeast Queensland and was offered by the state government at a time when developers are chasing more exposure to the properties related to medical industries.
The race for the planned hi-tech medical and commercial precinct was last October narrowed down to Australian Unity and Singapore’s Frasers Property, which appears to be no longer involved, and the Lend Lease joint venture.
The Australian last year revealed that Stockland was out of contention for the health precinct.
Australian Unity now plans to develop and take an ongoing role in the health, ageing and research precinct in the Herston Quarter, which will offer health, hospital and aged-care services.
“As the proposed developer and ongoing operator of key facilities including retirement living and aged-care services, we look forward to a long-term involvement with the precinct and the Queensland community,” said Australian Unity group managing director Rohan Mead.
The Herston Quarter sits adjacent to the Royal Brisbane and Women’s Hospital in inner suburban Brisbane. The masterplan includes a public rehabilitation hospital, a private hospital, aged care, retirement living and student accommodation, health research, childcare, and education and training facilities.
“Australian Unity has a demonstrated track record of investing in and developing state of the art hospitals, and of building and operating aged care, retirement living and well being precincts,” Mr Mead said.
Australian Unity Investments chief executive David Bryant said the project would be completed in stages over five to ten years. “We have a successful history of strong investor support for our healthcare development projects, and discussions with relevant partners to support the funding and operating elements of the Herston Quarter are well-progressed.”
[Source: The Australiian]