Healthscope Limited has reached financial close to design, build, operate and maintain the new Northern Beaches Hospital in Frenchs Forest, Sydney.
The new 488 bed state-of-the-art hospital (which includes 450 overnight beds) will service both public and private patients. Private patient needs are expected to utilise approximately 40% of the capacity created, with 60% to be utilised by public patients.
The hospital will offer a full range of specialties across acute and mental health. The nine storey hospital will include 14 operating theatres, six surgical suites, a 50 bay emergency department, an intensive care unit, a critical care unit, pathology, radiology, pharmacy, 1,400 car spaces and a helipad.
The operator will deliver services to public patients for 20 years but would be responsible for private patients for 40 years. The hospital would revert to public ownership in 20 years.
The design, construction and delivery capital expenditure will be approximately A$640 million, with a further approximately A$200 million of costs to be capitalised in relation to finance, transaction and other costs.
The project's financing arrangements fall within Healthscope's covenants under its existing senior debt facility, and no equity raising will be required in relation to the project.
The new Level 5 hospital is expected to be operational in late calendar year 2018.
The site for the Northern Beaches hospital is located in French's Forest, a suburb of Sydney which is located 13 kilometres north of Sydney's central business district. The catchment area for the includes the local government areas of Manly, Pittwater and Warringah, which cover 254.7km2. It has a population of approximately 250,000 people.