ISPT and partners fund the UNSW $600M Health Translation Hub
Artist's impression
Artist's impression
A partnership consisting of property fund manager ISPT, and super funds HESTA and UniSuper, as part of the Plenary Health consortium, led by investor and developer Plenary Group, have concluded a transaction to partner with UNSW Sydney to develop the circa $600 million Health Translation Hub (HTH) project in the heart of the Randwick Health & Innovation Precinct.
Located on the corner of High Street and Botany Street, the new 15-storey health education and research building will span a net lettable area 30,927 sqm, supported by an initial 20-year commitment from UNSW to occupy 65% of the available space.
The HTH will form an integral part of the establishment of one of Australia’s pre-eminent health precincts. Anchored by public health facilities, and a significant $1.5 billion investment from NSW Government, the precinct is set to attract further investment and new tenants in the resilient health, education and research sectors.
Focussed on integrating health education, training and research, the new 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.
Robert Pepicelli, General Manager, Healthcare & Life Sciences at ISPT said: “Strong market fundamentals in the healthcare and life sciences sector are the drivers behind ISPT’s growing portfolio in this space, driven by forecasted long-term sector growth and low volatility compared to alternative sectors. This latest partnership reflects our desire to invest in real estate for a purpose in terms of health, medical research and education; allowing ISPT to play a pivotal role in one of NSW’s largest co-located healthcare anchored precincts.”
As part of the partnership’s commitment towards sustainable investments, the development will target industry leading ESG objectives that include a 6-Star Green Star Rating, net zero carbon emissions, full electrification, 100% renewable energy, PV solar installation and a 5.5 Star NABERS Energy rating.
“Following our recent joint venture partnership with HESTA (through its healthcare property mandate with ISPT) to acquire a 50-year ground lease from St Vincent’s Health Australia earlier this year, this project aligns with our growing capability in the space as we focus on creating partnerships that combine the resources and expertise of ISPT with our investors and operator partners to shape the future of the important healthcare and life sciences sector.” said Robert Pepicelli.
