This article is from the Australian Property Journal archive
VISIONS for the future of Springfield Health Hub have been locked in after HealthCo Healthcare and Wellness (HCW) announced their strategic partnership with Mater.
Mater Misericordiae Ltd – one of Queensland’s largest not-for-profit private hospital operators have entered into the agreement with HealthCo Healthcare that will see them co-own and secure a tenancy at the Springfield Health Hub.
Mater has secured a 10-year lease at the Hub for 4,150 sqm with further options in their favour, while also acquiring a 20% interest in the asset.
The Sunshine Coast project is approaching its completion date and this announcement cements the success of the redevelopment, with occupancy set to increase to 99%.
HCW recently also acquired Vitality Village for $28.9 million as part of the $5 billion health precinct development. Vitality Village has a gross floor area (GFA) of 4,636 sqm across five levels and is the first health and wellbeing facility of its kind in Australia. One of the major tenants of the space is Commlink Australia – one of Queensland’s largest aged-care providers, occupying 35% of the building.
HCW fund manager Sam Morris says that Mater’s vision aligns with HCW’s and is confident in the successful partnership ahead.
“We are pleased to announce an exciting new strategic partnership with Mater, beginning with the anchor tenancy at our Springfield Health Hub which complements their existing and expanding hospital operations in Springfield.”
“The lease completes the successful redevelopment of HealthCo Springfield into a high-quality health hub in one of Australia’s fastest growing catchments. Following the finalisation of the lease at Springfield, we are excited to explore additional opportunities for joint healthcare service initiatives and developments that align with our strategic ambitions.”
Morris highlights the growth of the healthcare industry in the Sunshine Coast, with developments such as Vitality Village and “The George” Private Hospital set to bring more high-quality healthcare infrastructure to the area.
“The acquisition of Vitality Village further increases the scale and diversification of HCW’s portfolio. This newly developed health hub is strategically located in a core healthcare precinct, where the catchment will benefit from ongoing significant population growth and infrastructure investment.”
“Finally, “The George” Private Hospital development is on-track to complete in 1Q 2023. The acquisition of HMC’s interest will further increase our exposure to this high quality and critical health infrastructure asset and further underlines the strong alignment between HCW and HMC Capital as manager.”
