PROPERTY fund manager ISPT and mandate partner HESTA have broken ground on their $140 million A-grade commercial building in Fitzroy, on the fringe of Melbourne’s CBD, which is being developed under a leasehold acquired from St Vincent’s Healthcare Limited (SVHL).
The 33 Victoria Parade “on-campus” medical office facility will total 12,096 sqm and be anchored by SVHL’s lease pre-commitment for 40% of the building, with the remaining space to be leased to a tenants comprising ancillary services, administration, education and health services.
Hansen Yuncken have been appointed to the build, with completion expected in early 2026. The project will create around 200 jobs during construction, with a further 1,000 jobs targeted when operational.
The project will be named Brenan Place, paying homage to the history of the Hall of Science building which was constructed in 1889 and since been heritage-listed and renamed to Brenan Hall. ISPT and HESTA, alongside architect Bates Smart, and heritage architect Trethowan Architecture, will restore and integrate Brenan Hall into the main lobby of the building, creating a business lounge and event space.
The building is targeting a 5 Star Green Star rating and 5.5 star NABERS Energy rating.
It will be developed under a 50-year leasehold acquired from SVHL in 2022.
“At ISPT we have high conviction in healthcare and life sciences with macroeconomic factors, such as an ageing population, driving strong market fundamentals across the sector,” ISPT CEO Chris Chapple said.
“Our healthcare and life sciences strategy sees us focusing on medical precincts and health hubs that are anchored by major public and private hospitals, close to major universities and near existing tech facilities, all of which are features of the St Vincent’s site.”
For HESTA, the project is the latest investment made through its $430 million health care property mandate, The $83 billion industry super fund says it is looking for further opportunities in the fast-growing sector.
“HESTA believes Australia’s ageing population can support strong demand for health services, helping to deliver strong, long- term returns for its members, while supporting future jobs and economic growth and better health outcomes,” said HESTA CEO Debby Blakey.
