Property fund manager ISPT, super funds HESTA and UniSuper, and infrastructure investor and developer Plenary have partnered with the University of New South Wales (UNSW) to develop a $600 million Health Translation Hub (HTH) at Randwick’s health innovation precinct.
The deal will see ISPT (through the ISPT Core Fund), HESTA (through its healthcare property mandate with ISPT), and UniSuper (through its mandate and advisory agreements with ISPT) partner and co-invest 33.3 percent each in an ISPT investment vehicle holding the majority of the investment.
The announcement follows a highly competitive tender process involving domestic and international developers and investors looking to secure the rare health, research and education opportunity on land owned by the Health Administration Corporation (HAC) and leased to UNSW.
UNSW will enter into a Project Deed with the Plenary Health consortium to design, develop, fund and grant a sub-ground lease to own the property on completion.
Located on the corner of High Street and Botany Street, the new 15-storey building will span a net lettable area 35,600 square metres* and will be supported by an initial 20-year commitment from UNSW to occupy 65 per cent of the available space. The remaining area will be open to industry within the health, research, and education sectors.
Anchored by public health facilities and a $1.5 billion investment from NSW Government, the precinct is expected to attract further investment and new tenants in the resilient health, education and research sectors.
The development application managed by UNSW was granted State Significant Development Application (SSDA) consent in 2021. Hansen Yuncken has been engaged as the design and construction partner and Architectus as the lead architect. Plenary is also an investor and the project’s development and asset manager.
Focussed on integrating health education, training and research, the new hub will enable physical integration via dedicated sky bridges connecting the UNSW Kensington Campus, the Randwick Health Campus and the future Minderoo Children’s Comprehensive Cancer Centre.
As part of the partnership’s commitment towards sustainable investments, the development will target industry-leading ESG objectives, including a 6-Star Green Star Rating, net zero carbon emissions, full electrification, 100 per cent renewable energy, PV solar installation, and a 5.5 Star NABERS Energy rating.
Construction of the HTH is forecast to begin in 2023, with completion due in 2025.
* This article was edited on 9 November 2022 to correct the value of the net lettable area from 35,600sqm to 30,927sqm. The error above was contained in the original media release.
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