Wakefield Hospital – Stage 2

Wakefield Hospital – Stage 2

32 Florence Street, Wellington

Wakefield Hospital is the largest private hospital in the Wellington region, located on a 2.2ha site 5km south of Wellington’s CBD.

Vital has committed to a full redevelopment of Wakefield planned in stages to minimise disruption to ongoing business continuity. The completed development will result in a seismically resilient, modern and functional facility including eight operating theatres, 47 beds, a 3,000 sqm medical consulting building and over 260 carparks.

The first stage of this project involved the construction of a new building housing medical specialist consulting space, a full radiology unit, and new administration and front of house areas and is complete. Stage 1 of the Wakefield development was judged and provided an excellence award at the 2022 property council awards in the civic, health and arts category.

Stage 2 comprising the new theatres and beds is underway with demolition completed and earthworks commenced.

The project incorporates a base isolated design. This reduces the potential for critical damage during an earthquake and increases the probability that services will continue to be provided following a material seismic event.

The combined value of the development works is approximately $141m (Vital’s commitment $112.8m) and is being undertaken on an agreed return on cost whereby the development costs are converted into additional rent for the operating partner, Evolution Healthcare.

Development Summary

As at 30 September 2023 Wakefield Hospital – Stage 2
32 Florence Street, Wellington
  • $91.5m Development Cost
  • Early-2025 Forecast Completion Date
Stage Under Construction
Spend to Date $74.5m
Cost to Complete $16.9m
Forecast Income Return 5.62%