Herston Quarter Redevelopment picks up two gongs at PPP awards in Sydney

Australian Unity’s Herston Quarter Redevelopment, in partnership with Metro North Hospital and Health Service, was formally recognised at last night’s inaugural Public Private Partnership awards for ‘Best Social Infrastructure Project’ and ‘Best Financial Structure’.

The Herston Quarter Redevelopment – a world-class health, aged care, medical and research precinct in Brisbane – includes the first public heathcare facility in Australia to be built in a real estate investment trust structure using private capital from investors.

Mark Pratt, General Manager of Property at Australian Unity, said the evening marked a significant occasion for Australia. “For the first time, private capital providers have been formally acknowledged for their part in delivering essential public health infrastructure services on behalf of communities around the country”, he said.

Metro North Hospital and Health Service Chief Executive Shaun Drummond said the success of this partnership is proof that public/private funded healthcare projects can deliver infrastructure to meet the growing need for specialist care in Queensland.

“The $1.1 billion dollar Herston Quarter Redevelopment will will allow some of Australia’s brightest minds to live and work onsite to further health, education and research,” Mr Drummond said.

“The cornerstone of this project is the $300 million public healthcare facility that will combine specialist rehabilitation, surgery and ambulatory care services and offer a level of care much needed in Queensland.”

Mr Pratt said Brisbane’s Herston Quarter redevelopment was a shining example of how the social infrastructure of the future can deliver value for both investors and the wider community.

“With population growth, an ageing population and increased public debt all putting pressure on the government purse, there has never been a greater need – and opportunity – for private investment to help build and operate the nation’s social infrastructure assets,” he said.

For more information about the redevelopment, visit the Herston Quarter page.