Apollo has lift-off for healthcare

For the first time in five years, a rare development site in Albany has been put on the market with existing resource consent in place to build a multi-level commercial building that accommodates a hospital.

The 12,791sq m site consists of two titles at 105-109 Apollo Drive and is being sold by its owners Apollo Joint Venture who are pursuing financial opportunities elsewhere.

CB Richard Ellis (CBRE) is selling the site by tender closing at 4pm next Tuesday. CBRE's North Shore managing director John Bedford, who is marketing the property in conjunction with colleague Brian Paulin, anticipates the successful purchaser will be a hospital provider, investor or prominent name in the health sector.

"This Apollo Drive property represents the opportunity to buy a strategically located freehold development site that is `ready to go' with services and development plans already in place for a hospital and complementary businesses," Bedford says.

"Preliminary plans for the design and architecture of the hospital are also in place and are available on request to interested parties."

The Apollo Health and Wellness Centre, one of the largest of its kind in Australasia, adjoins the site and comprises a cluster of health facilities offering a one-stop range of primary, secondary and related health services. A St Johns Ambulance Service facility borders the site which allows for dual access either side of the St Johns Ambulance station.

Bedford says the Apollo Centre offers a wide range of medical services, all of which would be of complementary use to a proposed hospital.

Dr Stuart Jenkins, director of Apollo Joint Venture, said the proposed hospital site was designed to fill a gap in medical care on the North Shore and a low cost alternative to full admission to North Shore Hospital.

"At present, there is a shortage of healthcare facilities available on the Shore and the hospital was intended to enhance the Apollo commitment to accessible, affordable and appropriate health and wellness services in the Albany community," says Dr Jenkins.

Bedford says that, according to the North Shore City Council, Albany has become one of the fastest growing regions in New Zealand.

"Based on medium growth forecasts, North Shore's population will grow by approximately 100,000 people over the next 15 years. The Albany basin's primary catchment area also has a higher average household income than the Auckland region," he says.

Minister of Health Tony Ryall recently acknowledged that "the North Shore Hospital, including its emergency department, has insufficient capacity to meet its growth in acute or emergency services".

Mr Ryall said that the Waitemata District Health Board had reported that core acute-service patient numbers had increased by 42 per cent in just three years.

"The report makes it clear that, over the last year and a half, urgent admissions have exceeded the hospital's ability to care for its patients," the minister stated.

The site is just minutes from the Northern Motorway, in the heart of the North Harbour Business Estate and a short drive from Albany's centre and the East Coast Bays.

It is also near the Rosedale Village retirement complex, Heli-Tranz helicopter port, private schools Kristin and Pinehurst and Rangitoto College. Neighbouring properties include Interplex, an upmarket Albany business park, and the North Harbour Industrial Estate.

Paulin believes the site's commanding position in the emerging Albany business hub will be a major drawcard for potential purchasers.

"Albany is challenging Takapuna as the new business centre of the North Shore," says Paulin. "Major developments including the new Westfield Mall, North Shore Police Station, the Massey University campus, and the park-and-ride bus station which are firmly placing Albany at the heart of the Shore's emerging economy."

While consents are already in place for a hospital on the site, Bedford suggests the property uses may be further explored by the successful purchaser.

"Alternatively, the site could be developed for functions outside of the health industry as the property is zoned for a mix of commercial, light industrial and retail use," he says.

Bedford says quality investment stock representing good investment fundamentals remain in high demand.

"We have been fielding a number of calls from prospective purchasers looking to take advantage of the many opportunities this strategic location has to offer," he says.