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 resulting in a seismically resilient, modern and functional facility including eight operating theatres, 47 beds, a 3,000m2 medical consulting building and ~260 carparks.

Stage 1 of the Wakefield development involved the construction of a new building housing medical specialist consulting space, a full radiology unit, and new administration and front of house areas. On completion, Stage 1 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 combined value of the development works is ~$165m 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 31 March 2024 Wakefield Hospital – Stage 2
32 Florence Street, Wellington
  • $91.5m Development Cost
  • Early-25 Forecast Completion Date
Stage Under Construction
Spend to Date $91.3m
Cost to Complete $0.2m
Forecast Income Return 5.62%