Ted Tablet 21 MAY 21
Plans for a $350-million private hospital in Gosford have been given the green light. The hospital, recognised as a state significant development.
The 11-storey and five-storey development will be built over two stages with construction expected to begin in mid 2022 and completed by 2025.
The project’s first stage will be in-patient units, general practitioner clinics, radiology rooms, pathology room, intensive care unit, operating theatres and ancillary retail. It will provide 238 hospital beds.
The second stage will be an ancillary five-storey building to be used for retail and medical tenancies.
The development will create 2200 jobs during its construction phase and 460 permanent jobs upon its completion.
“We had a vision for a medical precinct close to the existing public hospital,” Commercial HQ managing director Tim Gunasinghe said.
“There is a growing demand for medical facilities on the Central Coast with continued population growth.”
Healthcare property has become a sought-after asset class on the back of demographic trends including Australia’s ageing population.
Throughout the pandemic, healthcare property, as well as industrial property, has shown its resilience due to the essential services nature of many of its tenants and the long-term leases that underpin valuations and income flows.
As well, government support for further privatisation of many medical services and the growth of employment in the sector has made healthcare property attractive to investors pivoting their portfolios away from office and retail property.