Australian Unity has signed an option agreement with Riverina (Australia) Pty Limited to acquire 18 Nestor Drive, Meadowbrook, a prominent site located directly opposite Logan Hospital, for $11.56 million.
The property is the proposed site of a multi-faceted healthcare precinct with development plans including a new private hospital, medical centre, medical office space, aged care facility, and health education service.
Logan Hospital is the major public health facility for one of the fastest growing metropolitan areas in greater Brisbane and provides a range of specialty services including acute medical, surgical, rehabilitation, maternity, cardiology, orthopedics, renal and other specialty services for children and adults.
Chris Smith, General Manager of Healthcare Property at Australian Unity said the location of the site is ideal for private sector development due to its proximity to the public hospital, and that Australian Unity will work closely with key stakeholders to maximise the opportunity to service Logan City’s growing population.
“Australian Unity has a proven track record working with the public and private sectors to create healthcare precincts comprising a variety of complementary services, and we are looking forward to working with stakeholders across the precinct to deliver this project,” he said.
“Our focus continues to be on delivering value for investors by committing to longer-term opportunities to invest in healthcare infrastructure in places like Meadowbrook where community demand is growing strongly.”
Mr Smith said, when deployed efficiently, private capital is fundamental in contributing to critical social infrastructure assets that serve the community.
“In South Eastern Queensland, we have established a strong footprint in the development of state-of-the-art healthcare precincts, including the $1.1 billion Herston Quarter Redevelopment in Brisbane, and the recently completed Robina Private Hospital and Medical Centre in Robina,” Mr. Smith said.
“Since the onset of the pandemic we have also acquired a parcel of land in Birtinya, opposite the new Sunshine Coast University Hospital, the focal point of a growing healthcare precinct for the region”, he said.
According to Mr Smith, who manages a portfolio of 55 healthcare-related properties in Australian Unity’s Healthcare Property Trust, the development of healthcare precincts is the way of the future for the delivery of healthcare services for Australian communities.
“Australia’s health system is consistently ranked as one of the best in the world, and complementary health precincts are going to play an increasingly prominent role”, he said.
“Continued collaboration between the public and private health sectors, is critical to the ongoing success of our world-class health system and ensuring every Australian can access the care they need”, Mr Smith said.
Riverina will remain in the property up to 2023.