[COM] New Calvary Hospital | 60m | 12 lvls | Cnr Angas/Pulteney

[Ben]

The western crane is coming down today.

[EBG]

A general view of the south side with only the eastern crane. The western crane was removed first because its tower sections were within the building and so the gaps in the floors can now be filled while the eastern crane , which is totally outside the building can still be used.

[SRW]

Any indication yet on what Calvary intends to do with the hospital sites that will be consolidated into this new build? The Wakefield/Hutt site is prime development land.

[phenom]

As others have said it's funny that one of Adelaide's best looking buildings is going to be a hospital. I really enjoy seeing this building - even half built - from pretty much any angle you approach it. It's also very visible as you drive towards the city down Unley Rd which is pretty nice too.

[how good is he]

To SRW, old news but here it is....

THU 14 DEC 17

Australian Unity's $1.3 billion unlisted property trust has sold an Adelaide private hospital for nearly $10 million more than its current value.

Australian Unity’s Healthcare Property Trust engaged in a transaction with Cromwell Property Group who secured the Calvary Wakefield Private Hospital and Medical Clinic for $50 million.

In November, the trust raised $250 million within three days in order to fund future development and acquisition opportunities.

Australian Unity's head of healthcare property Chris Smith said the sale price was well in excess of the property’s current book value of $40.19 million.

“Wakefield has been a strong performer for the HPT and has delivered an internal rate of return of 16.9 percent per annum for investors since its acquisition in 1999,” he said.

“We looked at a number of other uses for the property but determined that selling the property was in the best interests of investors.”

The Calvary Wakefield Private Hospital – located in Adelaide’s central business district – occupies an entire block of 8,275 square metres, with a gross building area of 15,500 square metres.

It is expected that the current tenant, Calvary Health Care, will vacate the property after their lease expires in July 2019, following the completion of their new facility.

Earlier this year the Trust entered into an unconditional agreement to acquire 150 Charlotte Street, Brisbane for $105.75 million.

“We’re very pleased that we will be able to recycle the capital from the sale of this asset to put toward our $600 million development pipeline,” Smith said.

Australian Unity is currently involved with the $1.1 billion Herston Quarter project in Brisbane, which is planning on constructing new retirement and aged care buildings, a new private hospital, new residential developments and car parking over the next 10 years.

[Will]

As others have said it's funny that one of Adelaide's best looking buildings is going to be a hospital. I really enjoy seeing this building - even half built - from pretty much any angle you approach it. It's also very visible as you drive towards the city down Unley Rd which is pretty nice too.

I really don’t understand the sentiment. Hospitals are important public buildings. Why shouldn’t they look good?

[Jaymz]

As others have said it's funny that one of Adelaide's best looking buildings is going to be a hospital. I really enjoy seeing this building - even half built - from pretty much any angle you approach it. It's also very visible as you drive towards the city down Unley Rd which is pretty nice too.

I really don’t understand the sentiment. Hospitals are important public buildings. Why shouldn’t they look good?

I've been paying for very expensive private health insurance for many years now, and if (of course I hope not) I ever need professional health care then I would hope to be a customer of this place.

Yep, I'm willing to pay the excess.

[phenom]

As others have said it's funny that one of Adelaide's best looking buildings is going to be a hospital. I really enjoy seeing this building - even half built - from pretty much any angle you approach it. It's also very visible as you drive towards the city down Unley Rd which is pretty nice too.

I really don’t understand the sentiment. Hospitals are important public buildings. Why shouldn’t they look good?

I can't speak for others but I agree, there is no reason they shouldn't look good. They rarely do though and function over form usually precludes attractive looking outcomes. With residential and commercial towers there's usually some sort of incentive to try and look appealing for the sake of sales/attracting tenants - not so much with hospitals (or student apartment buildings, as we've experienced). I can't really think of any other attractive hospital I've seen which is why this one stands out so much.

[Waewick]

I thought it was more the point that why do they invest in making it look better when commercial investors don't.

I'm happy that it looks great, i hope more developers take note.

[wilkiebarkid]

A couple of pics from 20/10

[timtam20292]

Absolutely LOVE that glazing.

[how good is he]

I have been told that after the billions spent on the NRAH (and that was a public hospital) that the private operators/hospitals had to lift their game to compete (or risk loosing members).

[Ben]

I reckon this crane will come down in the next week or so. building is pretty much complete externally.

[ghs]

I have been told that after the billions spent on the NRAH (and that was a public hospital) that the private operators/hospitals had to lift their game to compete (or risk loosing members).

It's interesting to note that when a hospital project like this is developed privately there aren't any major problems / delays. Compare this to the disastrous NRah development and you can see what happens when the government is involved. Everything goes to custard.

[how good is he]

I understand your point but putting it in perspective also the NRAH was a $2.4billion project vs $300m for the Calvary, so at 1/8 cost/size it should have been smoother. Also with the NRAH there was soil contamination & remediation needed, re-alignment of train lines/ infrastructure which weren’t an issue at the Calvary site.