Playford Health Hub Stage 1 – Retail & Multideck Car Park

Playford Health Hub Stage 1 – Retail & Multideck Car Park

40 & 44 John Rice Ave, Elizabeth Vale SA 5112

Originally home to the Elizabeth Vale Shopping Centre, now 60% demolished to facilitate construction of Stages 1 & 2. The site is situated directly opposite the Lyell McEwin Hospital, a major tertiary hospital and the third largest public hospital in South Australia.

Vital received Development Approval for Stages 1 and 2 of the Playford Health Hub in 2020. Stage 1, encompassing a retail precinct and multideck car park was completed in November 2021 and the specialist medical consulting building (Stage 2) commenced construction in 2022 with a forecast completion of early 2024.

The design phase for the private hospital, being the third and final stage of the development is underway with the development Application submitted in March 2023. Construction period for the three level building with basement car park is in the order of 2 years commencing late 2023, resulting in an estimated end value of the precinct being c. $125m (100% interest).

Property Summary

As at 31 December 2023 Playford Health Hub Stage 1 – Retail & Multideck Car Park
40 & 44 John Rice Ave, Elizabeth Vale SA 5112
  • $22.7m Market Value
  • 7.3yrs WALE
Asset class Strategic
Occupancy 73.6%
Major tenant SA Health
Market capitalisation rate 6.0%