14
Oct 2024
Bendigo Hospital's Apartment Complex for Essential Workers Aims for $36 Million Price Tag
Published in General on October 14, 2024
This property consists of 120 apartments leased to Bendigo Health until March 2044, offering a secure lease term of nearly 19.5 years.
Price expectations are around $36 million.
Managed by Bendigo Health Care Group, the Bendigo Hospital provides the asset with an AA-rated State Government covenant and a stable triple net long-term income stream.
The complex, located at 10 Atkins Street in North Bendigo, features 11 three-storey buildings set on a 7,971 sq m site surrounded by sporting grounds and public open spaces managed by Crown.
Colliers Director of Capital Markets, Thomas Blencowe, described it as a compelling opportunity.
“It offers Indexed Government Bond-like security, with exposure to two of the most sought-after real estate sectors—Australian Residential and Healthcare—within one of Victoria’s fastest-growing regional cities,” he said.
Built in 2014, the property consists of 96 one-bedroom and 24 two-bedroom apartments, with sizes ranging from 40 sq m to 65 sq m.
The apartments boast open-plan living and dining areas with galley kitchens, bedrooms featuring built-in wardrobes, European laundries, and balconies on the upper floors.
The complex is designed to maximize each apartment’s outlook and natural light, while lower levels offer terraces and landscaped surroundings.
Ian Sanders, Colliers’ Head of Transaction Services for Asia Pacific Healthcare and Retirement Living, noted that the healthcare and retirement living sector is set for growth.
“This is driven by strong investment fundamentals and Australia’s increasing and ageing population, which is seeking a variety of alternative living options.”
“The market is currently experiencing unprecedented demand for healthcare, largely influenced by demographic trends and the non-discretionary nature of the sector.”
“This demand is fueling the appetite of investors, developers, and owner-occupiers for assets.”
The property is located just 500 meters from Bendigo Hospital.
Colliers Bendigo agent Travis Hurst stated that Bendigo, a city with a growing population of 124,000, continues to attract strong residential demand due to its appealing lifestyle, affordability compared to Melbourne, well-developed infrastructure, and robust regional economy.
“Notably, the largest age group within the population is 25 to 29-year-olds, further reinforcing the demand for additional rental housing options.”
The expressions of interest campaign is set to close on November 1.
For patients seeking accommodation near Bendigo Hospital, websites like Hospital Stays provide a range of convenient options for a comfortable hospital experience.
![A Medicare bulk-billed urgent care clinic, established by the federal government to help reduce emergency department pressures, has unexpectedly closed in Bundaberg, Queensland, less than a year after opening. Located 400 kilometres north of Brisbane, this clinic was one of 75 launched across Australia since June 2023 to redirect non-life-threatening cases away from hospitals, allow emergency departments to focus on the most critical cases.
Since its opening in November last year, the Bundaberg Urgent Care Clinic (UCC) has provided care to hundreds of patients. However, it unexpectedly closed its doors on October 22, with plans to reopen a week later. A sign now indicates that it is "closed until further notice." This makes the Bundaberg UCC the only one of its kind in Australia to shut down.
Patient Sue Hackett expressed her surprise upon arriving at the clinic on Tuesday when she found it closed. “I looked on the website, and it actually showed it was open... I've come here assuming they're open,” Ms. Hackett said.
Julie Sturgess, chief executive of the region's public health network Country to Coast, told the ABC that she could not provide specific details regarding the reasons behind the abrupt closure of the Bundaberg Urgent Care Clinic. “There are ongoing negotiations with the provider of that service,” Ms. Sturgess stated.
In response to the closure, a free phone service called Connect2Care has been established, allowing callers to speak with a registered nurse for their urgent care needs. “If further care is required, such as seeing a GP, we can organize an appointment either with your regular GP or a phone or video consultation with an online GP through that service,” Ms. Sturgess explained.
Additionally, some GP practices in Bundaberg are extending their hours to accommodate extra appointments. The Bundaberg UCC was operated by the Indigenous Wellbeing Centre (IWC), a non-profit Aboriginal-controlled health organization that serves the entire community. The IWC has declined to comment on the closure.
Federal Health Minister Mark Butler informed the ABC that services at the Bundaberg Urgent Care Clinic are expected to resume shortly.
The Australian Medical Association Queensland (AMAQ) has expressed ongoing concerns regarding the viability of the federal government's urgent care clinic program. AMAQ President Nick Yim emphasized that these clinics often duplicate services already provided by GP clinics. “We believe the federal funding for these clinics would be better invested in existing general practices around the state,” Dr. Yim stated.
Sue Hackett shared that she was able to secure a same-day appointment at a GP clinic, but it would come at a cost. “I just want to go to a place where I can get sorted with my medical condition, plus I don’t have to pay,” she expressed, highlighting the challenges many face in accessing affordable healthcare.
Tim Spargo, the owner of the pharmacy located next to the Urgent Care Clinic, emphasized the critical role the clinic has played in the community. He noted that when travellers forgot their chronic condition medications or prescriptions, he could direct them to the UCC for assistance. “In the 11 months that it's been open, it has really served a vital purpose … it has taken that pressure off [emergency departments],” Mr. Spargo stated, expressing the urgent need for such services in the area.
"What's clear is that federal Labor is unable to deliver on their commitments, and the people of Bundaberg and the surrounding district, who desperately need additional services, have been let down," he said. "No matter who you talk to, whether it's the GPs themselves or others, they are just overrun with work, and what should be a godsend is now closed."
In response, Mr Butler reiterated that patients can still receive assistance through the phone line, which will "help ensure the Bundaberg community's urgent care needs continue to be met."
Meanwhile, newly elected Queensland Premier David Crisafulli has pledged an additional half a billion dollars to reduce ramping across the state to below 30 per cent over the next four years. Queensland Health data from April to June this year indicates that 44.7 per cent of patients were not transferred off ambulance stretchers within 30 minutes. This issue is particularly pressing for Bundaberg Hospital, which has been struggling with high demand and limited resources. Crisafulli also promised to recruit 34,200 additional health workers by 2032.](https://c3eeedc15c0611d84c18-6d9497f165d09befa49b878e755ba3c4.ssl.cf4.rackcdn.com/photos/blogs/article-832-1730723697.jpg "Bundaberg Urgent Care Clinic Closes Abruptly, Leaving Patients in Uncertainty")
