The Calvary Wakefield Hospital in Adelaide’s coveted eastern CBD precinct is up for lease, representing a rare strategic leasing opportunity.
Previously known as Wakefield Hospital, the property was a private Catholic hospital founded in 1883 and provided acute care to patients with inpatient and outpatient facilities and dental care, as well as plastic and reconstructive surgery on offer.
Situated on the north-western corner of Wakefield and Hutt Streets, it was one of four private hospitals in South Australia under the Calvary name.
The primary site – an island site with street frontages to Wakefield Street, Hutt Street, Daly Street and Ifould Street – accommodates the 15,852 sqm (GLA) hospital and supports a total of 180 beds.
CBRE’s Healthcare & Social Infrastructure team of Josh Twelftree, Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto in addition to James Parkyn of Jones Lang Lassalle have been appointed to steer the leasing campaign on behalf of landlord, Pelligra Group.
“Calvary Wakefield Hospital will appeal to a broad market, but particularly healthcare and aged care, with interested parties looking to repurpose or reposition the assets for ongoing use,” Mr Twelftree said.
“The facility forms part of a well-established, mixed-use precinct that includes numerous medical centres, specialists and clinics – including retail, food and beverage, entertainment and high-quality residential apartments,” he continued.
The CBRE team advised that given the strict compliance measures associated with hospital builds – for instance, widths of doors and hallways – minimal work would be required in order to convert part, or all, of the building to a residential aged cared facility or similar.
“In terms of location, if the property was to be repurposed into an aged care facility, the hospital’s circa 2km proximity to the Adelaide Hospital makes the property a strategic landholding that gives near immediate access to key health services for the elderly – a consideration that is now more important than ever,” Mr Twelftree added.
Mr Peluso commented that Adelaide boasts one of the largest health science precincts in the southern hemisphere and has the track record, capability and ambition to continue its global leadership in the development and scaling of distinctive medical technologies.
“Global health companies are now choosing Adelaide as their destination for research and development, with companies able to access up to 43.5% cashback for clinical trials, analytics, study drug manufacture, and prototype manufacture,” he said.
“With the new $345m Calvary Hospital only circa 200m away, this will attract healthcare groups to the area, as being in close proximity to private and public hospitals is key for foot traffic and referrals.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
