ISPT’s first direct life sciences asset, a $140-million tower, has topped out in Melbourne’s Fitzroy
The property fund manager and superannuation fund HESTA are jointly developing the 12,069sq m A-grade building—Brenan Place—at 33 Victoria Parade.
Hansen Yuncken are the builders.
The ground floor of the 10-storey tower connects to a new $206-million biomedical research facility, the Aikenhead Centre for Medical Discovery. It adjoins the wider St Vincent’s Hospital Melbourne Precinct.
Brenan Place will have office space for up to 1000 people across commercial office floorspace, administrative and medical services, consulting suites and research areas.
There will also be end-of-trip facilities and wellness areas.
Architects Bates Smart and Trethowan Architecture are behind the plans that integrate and restore the historic Brenan Hall as the main lobby of the building with a lounge and event space.
ISPT expects the building to be completed in the first quarter of next year. Anchor tenant St Vincent’s Health Australia will occupy 40 per cent of the fully electric building.
The appeal of the sector for investments continues to widen thanks to its sustained growth, underpinned by an ageing population, population expansion and healthcare advancements.
“This is an important milestone for a sector that we have a lot of confidence in—the fundamentals are strong, the market drivers are solid and structural factors like Australia’s ageing population will continue to drive demand long into the future,” ISPT development head Jason Lourensz said.
“Across the board we are seeing more demand for research and development, laboratories and research centres, which is fuelling the need for specialised property that can cater to the very unique requirements of these operators.”
ISPT holds two other assets in the sector in its Core Fund: the Health Translation Hub in Sydney with Uni Super and HESTA via its healthcare property mandate, and a joint venture with Plenary Group to develop it; and the $585-million hub at 10 Missenden Road at Camperdown, delivered in partnership with Australian Retirement Trust.
ISPT has $21 billion in funds under management and as of December, 2024 became a wholly owned subsidiary of IFM Investors.
