Property fund manager ISPT, alongside mandate partner HESTA, have officially broken ground on their 12,096 square metre A-Grade commercial building at 33 Victoria Parade, Fitzroy.
The project, named Brenan Place, is set to become a state-of-the-art medical office facility, anchored by a pre-commitment from St Vincent’s Healthcare Limited (SVHL) for 40 per cent of the building.
The development, valued at approximately $140 million upon completion, will be constructed under a 50-year leasehold acquired from SVHL.
In addition to SVHL’s anchor tenancy, the remaining space will be leased to a variety of tenants comprising ancillary services, administration, education, and health services.
ISPT and HESTA have appointed Hansen Yuncken as the primary contractor for the project, with an estimated completion date in the first quarter of 2026.
The construction phase is expected to create approximately 200 jobs, with a further 1,000 jobs targeted once the building becomes operational.
In a nod to the site’s history, the project will integrate and restore the heritage-listed Brenan Hall, formerly known as the Hall of Science, which was constructed in 1889.
The hall will be transformed into the main lobby’s business lounge and event space, thanks to the collaborative efforts of architect Bates Smart and Heritage Architect Trethowan Architecture.
Upon completion, the 12-storey building is targeted to achieve a 5-star Green Star rating and a 5.5-star NABERS Energy rating, reflecting the commitment to sustainability and environmental responsibility.
ISPT views the healthcare and life sciences sector as a strategic, defensive asset class with long-term upside potential.
The company aims to deliver a scalable portfolio exposure to the sector on behalf of its investors, with diversified exposure to public and private health services, education and medical precincts, research facilities, seniors living and care, and life sciences.
This project is the latest investment made through HESTA’s $430 million healthcare property mandate, with the $83 billion industry super fund actively seeking further opportunities in the fast-growing sector.
HESTA believes Australia’s aging population can support a strong demand for health services, helping to deliver strong, long-term returns for its members while supporting future jobs, economic growth, and better health outcomes.
“At ISPT, we have high conviction in healthcare and life sciences, with macroeconomic factors, such as an aging population, driving strong market fundamentals across the sector,” said ISPT CEO Chris Chapple.
“We are pleased to be partnering with HESTA to deliver Brenan Place — an important project and our second health and life sciences campus we are delivering together.”
“Our healthcare and life sciences strategy sees us focusing on medical precincts and health hubs that are anchored by major public and private hospitals, close to major universities and near existing tech facilities, all of which are features of the St Vincent’s site,” Chapple added.
“HESTA has a proud track record of long-term investment in health and life sciences, supporting jobs and innovation in sectors where many of our members work,” said HESTA CEO Debby Blakey.
“We’re thrilled to partner with ISPT to bring this project to life. For more than 35 years, we have built deep connections to and knowledge of the healthcare sector. So, we’re well-positioned to take advantage of investment opportunities like these that can help deliver strong, long-term returns for members.”
With its strategic location, heritage integration, and commitment to sustainability, Brenan Place is poised to become a landmark development in Melbourne’s healthcare and life sciences landscape.
