Sharechat Logo

Vital Healthcare to spend A$29.9 million redeveloping and expanding NSW hospitals

Friday 27th September 2013

Text too small?

Vital Healthcare Property Trust, New Zealand's largest listed medical and healthcare property investor, plans to spend A$28 million to redevelop a hospital in Sydney and A$1.9 million to extend a hospital near Newcastle, to meet rising demand for healthcare services.

Vital Healthcare plans to add new operating theatres, extend day surgery facilities, add new inpatient wards, convert shared rooms to singles, consolidate consulting suites and develop an oncology day patient service at its Hurstville Private Hospital in Sydney, the Auckland-based company said in a statement.

The project is expected to take 16 months and be completed in January 2015. The forecast return is in line with its other recent redevelopment yields, Vital said, without providing details.

A smaller redevelopment programme at the Toronto Private Hospital in Toronto, New South Wales, is expected to be completed in November after three months of construction. That project involves consolidating two rehabilitation wards into a single ward and establishing a new 26-bed mental health unit, the company said.

Vital Healthcare is extending leases on the hospitals, and two others that have recently undergone redevelopment, taking its weighted average lease term to 12.1 years from 11.5 years.

Units of Vital Healthcare slipped 0.4 percent to $1.36.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Vital Healthcare posts 21 percent rise in profit, expects similar distributions in 2014
NorthWest may lift Vital Healthcare stake up to 24.99 percent in $39.2M rights issue
Vital Healthcare flags rights issue next month, suspends distribution reinvestment plan
Canada's NorthWest looks to boost stake in Vital Healthcare to 25 percent
Vital Healthcare 1H distributable profit rises 44 percent as building projects lift income
Vital Healthcare sells Point Chevalier property for $5.25M
Vital Healthcare portfolio value drops about 1.1 percent
Vital Healthcare pays A$12.3m for Sydney hospital
Vital Healthcare returns to 1H profit
Vital Healthcare pays A$13m for Mayo hospital in Australia

IRG See IRG research reports