A DEAL has been completed between UNSW Sydney and a Plenary Health consortium to develop the Health Translation Hub for approximately $600 million.
The partnership of property fund manager ISPT in conjunction with super funds HESTA and UniSuper is part of the consortium led by globally successful investor and developer Plenary Group.
UNSW will enter into a Project Deed with the consortium to design, develop, fund and grant a sub-ground lease to own the property on completion.
The Hub is set to be delivered in the heart of the Randwick Health and Innovation Precinct. Construction is expected to begin in 2023 with completion slated for 2025.
The building development is set on the corner of High Street and Botany Street, containing 15-storeys designed for health education and research. The building will hold a net lettable area of 30,927 sqm with an initial 20-year commitment from UNSW to occupy 65% of the available space.
2,500 square metres of open public space will be aimed at creating an engaging place for staff, students, patients, industry partners and the public.
The land owned by the Health Administration Corporation and leased to UNSW was highly sought after large investors and developers keen to secure a site with such potential.
ISPT (through the ISPT Core Fund), HESTA (through its healthcare property mandate with ISPT) and UniSuper (through its mandate and advisory agreements with ISPT) will partner and co-invest 33.3 percent each in an ISPT investment vehicle holding the majority of the investment.
Hansen Yuncken will lead the design of the development with Architectus joining the project as lead architect. The development application by UNSW was approved for state significant development application consent in 2021.
The design and architecture of this building will work within the walls of sustainability with the development targeting investments to make a positive impact on the economy. These include achieving a 6-star Green rating, net zero carbon emissions, full electrification, 100% renewable energy, PV solar installation and a 5.5 Star NABERS Energy rating.
It’s the culmination of an opportunity UNSW has been chasing for some time, with the desire to work closely with the NSW health institutions on the Randwick Health Campus.
The Hub is intended to support advanced research and education towards improving patient care and finding better community health outcomes. Educational and medical researchers, clinicians, educators, industry partners and public health officials will all be encouraged to use the hub as a haven for new ideas and learning.
The Health Translation Hub will bring together educational and medical researchers, clinicians, educators, industry partners and public health officials to drive excellence and support the rapid translation of innovative research and education into improved patient care and better community health outcomes.
building will have direct connections to the Sydney Children’s Hospital Stage 1 and Minderoo Children’s Comprehensive Cancer Centre currently under construction and to UNSW’s Kensington Campus. It will be situated adjacent to the new Prince of Wales Hospital Acute Services Building, enabling seamless integration with UNSW and the four hospitals at Randwick and putting the precinct at the forefront of international health research and education.
UNSW vice-chancellor and president, professor Attila Brungs outlines the opportunity this provides the university to help improve the country’s healthcare.
“No single organisation can solve the complex healthcare challenges facing our communities today. UNSW has a unique opportunity to co-locate with our Randwick Health Campus – an opportunity more than 60 years in the making,” Brungs said.
“A state-of-the-art facility, the Health Translation Hub will physically connect UNSW to the hospitals and enable a seamless and integrated work, research and education environment. We will discover unmet clinical needs faster, connect real-world health issues more efficiently to our researchers and industry partners, and facilitate a hands-on learning opportunity for our students.”
“Through our partnerships with government, industry and academia, we will revolutionise the way health care is delivered.”
Plenary Group CEO David Lamming understands the gravity of the opportunity and the value of the impact this partnership with UNSW can have.
“Plenary is delighted to be part of such an important project, one that merges our experience in life sciences projects and precinct development to help deliver brilliant health research and education outcomes,” Mr Lamming said.
“This is right on strategy for us. Our experience in the formation of long-term partnerships to deliver complex projects here and overseas, combined with the depth of experience that we have built in the health and life sciences space, make us ideally placed to deliver on UNSW’s vision of bringing people together to research, innovate and learn and have a true community impact.”
