Gilbert + Tobin (G+T) have advised Plenary Group (Plenary) on its successful bid for the UNSW Health Translation Hub, a marquee commercial and medical research building within the Randwick Health & Innovation Precinct.
The UNSW Health Translation Hub is a major life sciences development that will bring together educational and medical researchers, clinicians, educators, industry partners and public health officials to drive excellence, and support the rapid translation of research, innovation and education into improved patient care, delivering better health outcomes to the community.
The Plenary Group-led consortium will deliver the $600 million flagship facility within the Randwick Health & Innovation Precinct, which will be the largest co-located health and innovation precinct in New South Wales.
The facility will be situated within the Prince of Wales Hospitals Campus and will have direct connections to the Sydney Children’s Hospital Stage 1, Minderoo Children’s Comprehensive Cancer Centre and UNSW’s Kensington Campus.
The development will target industry leading ESG objectives that include a target 6-Star Green Star Rating, net zero carbon emissions, full electrification, 100% renewable energy, PV solar installation and a 5.5 Star NABERS Energy rating.
The project is being fully funded by Plenary and industry superannuation fund-backed property investor ISPT, together with HESTA and UniSuper.
G+T advised Plenary on all aspects of the transaction including the project and development arrangements with and long-term lease and occupancy arrangements, as well as the joint venture, capital partnership and fund through and delivery aspects associated with ISPT, HESTA and UniSuper. G+T’s role also involved advising Plenary on the competitive bid process run by UNSW and construction arrangements with the proposed construction contractor, Hansen Yuncken.
Construction is set to begin in 2023 and is expected to be completed in 2025.
The G+T team was led by partners Nicholas Lazarou, Peter Doyle, Kon Nakousis and Spiro Papadolias, with support from lawyers Amy Huang, Michal Magat, Sara Mohabbati, Karla Lauder, Kane Wang and Yuka Nagata.
Nick Lazarou said “We congratulate the Plenary Group-led consortium and UNSW on their commitment to deliver this vital, flagship facility, within what will be the largest co-located health and innovation precinct in New South Wales.
Our cross-disciplined team was delighted to come together to advise Plenary on this transformational partnership and asset, that will enhance health and education outcomes and delivery real community benefits for years to come, in the critical life sciences sector”.