Australian Unity’s Herston Quarter Redevelopment, in partnership with Metro North Hospital and Health Service, was formally recognised at last night’s Public Private Partnership awards for ‘Best Social Infrastructure Project’ and ‘Best Financial Structure’.
The Herston Quarter Redevelopment ‐ a world‐class health, aged care, medical and research precinct in Brisbane ‐ includes the first public health facility in Australia to be built in a real estate investment trust structure using private capital from investors.
Mark Pratt, General Manager of Property at Australian Unity, said the evening marked a significant occasion for Australia. “For the first time, private capital providers have been formally acknowledged for their part in delivering essential public health infrastructure services on behalf of communities around the country”, he said.
Metro North Hospital and Health Service Chief Executive Shaun Drummond said the success of this partnership is proof that public/private funded healthcare projects can deliver infrastructure to meet the growing need for specialist care in Queensland.
“The $1.1 billion dollar Herston Quarter Redevelopment will allow some of Australia’s brightest minds to live and work onsite to further health, education and research,” Mr Drummond said.
“The cornerstone of this project is the $300 million public healthcare facility that will combine specialist rehabilitation, surgery and ambulatory care services and offer a level of care much needed in Queensland.”
Mr Pratt said Brisbane’s Herston Quarter Redevelopment was a shining example of how the social infrastructure of the future can deliver value for both investors and the wider community.
“With population growth, an ageing population and increased public debt all putting pressure on the government purse, there has never been a greater need – and opportunity – for private investment to help build and operate the nation’s social infrastructure assets” he said.
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About the PPP Awards
The London-based Partnerships Awards has been recognising and rewarding outstanding achievements in public private partnerships for over 20 years. The inaugural Australian PPP Awards 2017 celebrate successes in the Asia Pacific region over the past year.
About Australian Unity
Australian Unity is a national health, wealth and living mutual company providing services to almost one million Australians, including 280,000 members. Australian Unity’s history as a trusted mutual organisation dates back to 1840. It has grown organically—by continually evolving to provide the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification in to new business activities.