Barber Property Group is thrilled to announce the launch of Wickham Private, a development in Spring Hill, Brisbane that is elevating the medical experience through a fully integrated model.
Whickham Private will be the largest private integrated health project of its kind in Queensland, delivering medical consultation, surgery and recuperation in a single blue-chip location.
The project has been expertly designed to support the growing need for medical services, brought about by an aging population and a growing prevalence of chronic illness in a fully integrated facility.
The growing need for medical facilities in Australia is evident, particularly off the back of the global pandemic. According to the OECD, Australia has fewer than four hospital beds per 1000 people; less than one third of Japan’s 13 beds per 1000, providing a huge investment opportunity for developers and investors.
The 15-storey development will comprise:
- 5,307m2 of medical space incorporating a broad range of core and allied health services
- 186m2 of retail space, including a pharmacy and restaurant
- 81 hotel rooms under a 15-year lease to a major apartment hotel provider
- On-site carparking to support the medical and hotel uses
Barber Property Group Director Paul Barber said Wickham Private would improve access to a range of medical services, catering to the growing need for a new medical offering that provides supporting on-premises accommodation.
“Our vision for the project is to deliver an industry leading integrated private health facility that is tailored to the needs of the practicing specialist surgeons,” Mr Barber said.
“We have taken inspiration from a number leading surgeon-owned facilities in the US and Europe that produce world leading patient outcomes by providing a full service offering all under one roof.
“Health is leading the property bounce back following the COVID-19 pandemic, and the integrated model is being implemented across the world as the new way of private healthcare.
“We had hospital bed shortages pre-COVID, but it has become all the more evident over the past 12 months. We know how premium this space is, and the return on investment shows exactly that.”
However, it’s not just owners and operators benefitting from this model, according to Mr Barber, the integrated health care model is becoming increasingly popular around the world due to its commercial benefits for health insurers, patients and medical specialists.
“Insurers are motivated by the lower costs of accommodating minor surgery patients in hotel accommodation, as opposed to hospitals, during their recuperation. It is estimated that elective surgeries in a bespoke centre is approximately 20 per cent cheaper than in a general hospital.”
“Not to mention the benefit of comfort, convenience, privacy and the ability to have friends or family close by for patients.
“We’re of course seeing the movement of specialists into spaces such as Wickham Private for the additional control they are able to have over operating practices, the increased revenue opportunities and better patient outcomes.
The site, located at 375 Wickham Terrace, Spring Hill, was purchased by Barber Property Group this week. The existing site currently accommodates a three-storey commercial building.
Local architecture firm Arkhefield lead the architectural team, led by Practiced Director Juergen Weigl.
“We wanted to raise the bar, create a premium 6-star hotel feel to match the service offering of the specialist surgeons,” Mr Weigl said.
Colliers Director Development Site Sales Brendan Hogan, who negotiated the off-market deal for 375 Wickham Terrace, said the site was earmarked for its proximity to Brisbane Private Hospital, St Andrew’s Hospital and a range of specialist clinics located along Wickham Terrace.
“Wickham Terrace has, for more than a century, been known for its medical offering, with patients coming from across the Queensland and Australia to access specialised health care,” Mr Hogan said.
“Spring Hill has long been the sleeping giant of Brisbane, but is fast becoming an emerging premier precinct, with a range of private and public investment underway and planned for the region.”
The new development is set to benefit from a major program of urban renewal and infrastructure spending in the suburb and close surrounds, including Cross River Rail, Queensland’s largest infrastructure development to date, valued at $6.8 billion. A major Cross River Rail station will be located at Roma Street, adjacent to Wickham Private. Also dubbed for Spring Hill is the $2 billion Brisbane Live, a 17,000-person entertainment arena complex.
In line with the Spring Hill Neighbourhood Plan implemented by the Brisbane City Council, Wickham Private supports “higher density mixed use activities bordering the CBD and along major streets”.
“We can expect to see the urban renewal of the area bring about exponential growth prospects to landlords and business owners in Spring Hill within coming months and years.”
The developer’s intention is to lease all or most of the floor space before divesting the property to an operator or fund seeking an ongoing revenue stream.
Construction start is scheduled for June 2021 and completion expected in February 2023.
Mr Barber said the Group was extremely proud to be introducing this highly innovative model of healthcare that accommodates consultation, operation and recuperation, into Queensland.
For more information, visit www.375wickham.com.au.