PROPERTY PORTFOLIO

St John of God Berwick Hospital Development (Casey Stage 2) – currently under construction

Berwick, Victoria

In partnership with, St John of God Health Care, the $114.0 million St John of God Berwick Private Hospital will be the second stage of development on the Casey Development Site. This stage will deliver an 18,000 sqm state of the art private hospital located adjacent to the Casey Public Hospital and the Casey Specialist Medical Centre (which the Fund completed in Feb 2015). The hospital will comprise:

  • 190 beds, six operating theatres, six birthing suites, a cardiac/vascular catheter laboratory, two endoscopy theatres, medical consulting suites; and
  • 12,000sqm of underground car parking (approximately 350 additional car parks).

St John of God Health Care will operate the hospital under a 20 year initial lease term, with the initial rent determined using the Fund’s “return on cost model” at a rate of 8.00%.

Site works commenced during January 2016.

Key facts
Description Pre-committed new Private Hospital with St John of God Health Care
Ownership 90% of the below ground strata lot being the carpark and 50% of the above ground strata lot being the base building
Ownership type Freehold
Built
Book value* $25.8 million
Capitalisation rate
Major tenant(s)
Number of tenants
WALE
Site area 7,760 sqm
NLA
Occupancy
Car parks
Rental reviews
Development under way Stage 2 (commenced January 2016)

*As at 31 December 2016

Contact details

Asset Manager
Jonathan Greenwood
T +61 3 8656 1054
M +61 422 815 683
Email Jonathan Greenwood
Property Manager
Ann Magee - Mulcahy & Co
T +61 3 9670 4888
Email Ann Magee
  • Artists Impression at completion

  • January 2016 – Site establishment commenced and scraping of site surface in preparation for bulk excavation

  • February 2016 – Commencement of bulk excavation to north western area for underpinning to existing precast wall

  • March 2016 – 80% of bulk excavation complete with retention piling and capping beams to all boundaries progressing

  • April 2016 – Foundation piling to the east and west complete with dynamic pile testing progressing

  • May 2016 – Concrete pours to level 2 basement slab commenced

  • June 2016

  • July 2016

  • August 2016

  • September 2016

  • October 2016

  • November 2016

  • December 2016

  • February 2017

  • March 2017

  • April 2017