Australian Unity’s Healthcare Property Trust has exchanged contracts on a $43.83 million deal to acquire three parcels of land with planning approval for a 90-bed private hospital within the Nepean Hospital precinct in Kingswood, NSW.
The new private hospital delivers on HPT’s strategy to develop and acquire health assets in key growth corridors and will be located opposite the Nepean Hospital in Kingswood, one of NSW’s busiest hospitals. It has also acquired a further six parcels of land within the Nepean Hospital precinct to facilitate the future expansion of the private hospital and its health services which will be driven by community demand.
The population of Western Sydney is one of Sydney's fastest growing regions and is due to age significantly in the next 20 years with residents in the 70-84 age group forecast to increase by 166 per cent by 2036.1
Chris Smith, General Manager - Healthcare Property at Australian Unity, said that COVID-19 has highlighted the burgeoning pressure on Australia’s public hospital system, and private hospitals will play an important role in alleviating the strain into the future.
“As the public health system grapples with long waiting lists and increased demand, it is important that Western Sydney, one of the fastest growing and ageing catchments in Australia, has public and private health systems working together to provide the community with optimal care,” Mr Smith said.
Hospital operator, Matilda Health Care has signed a 30-year lease and major works agreement with Australian Unity to develop and operate the hospital, with construction scheduled to commence in 2021.
Dr Harry Pannu, Managing Director and CEO at Matilda Health Care said that the new private hospital will be a bespoke medical, rehabilitation, geriatric, palliative care and mental health facility . This is supported by leading local doctors with a fusion of hotel style environment and class leading medical services for the local community.
The deal is the latest in a string of opportunistic acquisitions earmarked for future development for HPT. In May, it acquired two
sites in Queensland, one located directly opposite Logan Hospital, 12 kms from Brisbane’s CBD, and the other a parcel of land opposite the Sunshine Coast University Hospital.
In June it also announced it would fund the development of Sunshine's first private hospital in Melbourne’s west for $100 million.
“A key focus for the Healthcare Property Trust is committing to longterm social infrastructure opportunities to meet strong community demand while deriving value for investors,” Mr Smith said.
1 NSW Government, Strategic Plan 2018-2023 - Together Achieving Better Health, Nepean Blue Mountains, Local Health District.