Construction has begun on Sydney's North Shore Health Hub, expected to expand to a $1 billion healthcare precinct with a “medi-hotel” and build-to-rent housing for its workers.
The North Shore Health Hub is a $300 million facility that will be linked via a bridge to the existing private hospital on the site. The facility will be anchored by Ramsay Healthcare and Genesis Care, whose tenancies will make up approximately half of the 16,000sqm building. Construction is expected to be complete by 2020.
The site is held by Dexus, which also has plans to build a medi-hotel that would provide housing for patients’ families, and housing for the precinct’s healthcare workers, which would be developed through a build-to-rent scheme. This precinct will eventually come to be known as the St Leonards Health and Education Precinct, and could become the site of around 85,000sqm of healthcare-related real estate.
Dexus has referred to the precinct as a “flagship development” that will create an example for the rest of Australia. The development is also a prime example of how medical real estate is no longer a boutique asset class, but instead a target for institutional investment.
Image credit: Commercial Real Estate