Wakefield Hospital32 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. Expansion capacity will be built into the design to allow for future growth as required.
The first stage of this project involves construction of a new building which will house medical specialist consulting space, a full radiology unit, and new administration and front of house areas. The project will incorporate 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. Practical completion is expected in the second quarter of calendar 2021.
The combined value of the development works is approximately $134m (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.
Property SummaryAs at 31 December 2020 Wakefield Hospital 32 Florence Street, Wellington
$83.4m Market Value
|Asset class||Hospital (Acute)|
|Major tenant||Acurity Health Group|
|Market capitalisation rate||5.3%|