St Vincent’s launches $ 180 million construction at private hospital
St Vincent’s hopes the Fitzroy Building will be an example for the next generation of patient care, built around a model of improved recovery after surgery.
Ultimately, that means people are spending less time in the hospital and more of their recovery at home, says Hall.
“We will be one of the first hospitals in Australia with this design model as the basis of what we have done. It will provide much better patient outcomes and a much faster turnaround time within the hospital.
“It is much healthier for people to recover at home rather than in the hospital. We have introduced and designed around this mode to allow improved recovery after surgery, which will allow people to get home faster and recover faster. It’s a pretty transformational model.
The planning and construction of the new building in the narrow footprint of St Vincent, bordering the CBD, brought their own challenges. The first stage of development begins in October and the new facility is expected to be completed in early 2024.
Investing in healthcare real estate has become a growing priority for traditional commercial real estate companies in recent years. New funds are being launched to hold such assets and existing platforms, such as NorthWest Healthcare Properties in Canada, are on a path of aggressive expansion.
St Vincent’s questioned whether to bring in third-party fund managers, before deciding that in the current market it was indeed cheaper to continue the project with its own resources, Hall said.
“I suspect, however, that we will be doing developments with third-party healthcare fund managers in the future to look at the provision of facilities. It will be part of our funding mix. In this case, from a time point of view, we didn’t need it.