The University of NSW has revealed who it will partner with on a $600-million health hub in the Randwick Health and Innovation Precinct.
Property fund manager ISPT and super funds HESTA and UniSuper, as part of the Plenary Health consortium led by investor and developer Plenary Group, will join for the Health Translation Hub project.
The fund-through deal will see ISPT create a bespoke investment vehicle with HESTA and UniSuper, with each partner holding a respective 33.3 per cent share, representing a strategic and stable investment in the emerging health and life sciences sector through a long WALE to the UNSW and an AA+ rated covenant.
The announcement comes after a tender process that drew interest from domestic and international developers and investors.
The hub will be built on land owned by the Health Administration Corporation and leased to UNSW.
UNSW will enter a project deed with the Plenary Health consortium to design, develop, fund and grant a sub-ground lease to own the property on completion.
Hansen Yuncken has been engaged as the design and construction partner and Architectus as lead architect.
To be built at the corner of High and Botany streets, the 15-storey health education and research building will span a net-lettable area 30,927sq m, supported by an initial 20-year commitment from UNSW to occupy 65 per cent of available space.
The remaining space will be open to industry within the health, research and education sectors.
The hub is set to form an integral part of the establishment of what has been described as one of Australia’s pre-eminent health precincts.
Anchored by public health facilities and a significant $1.5-billion investment from the NSW government, the precinct is poised 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 consent in 2021.
Plenary is also an investor as well as the development and asset manager for the project.
Focussed on integrating health education, training and research, the hub will “enable a physical integration via dedicated sky bridges connecting the UNSW Kensington Campus, the Randwick Health Campus and the future Minderoo Children’s Comprehensive Cancer Centre”, according to a spokesperson for the partnership.