IPG buys Brisbane, Sydney car parks
International Parking Group – which develops and invests solely in hospital car parks – has spent over $100 million on two assets – one, its first attached to a private facility.
In Brisbane, the group is picking up a 40 year sublease for the Northern Car Park (pictured, top), part of the Herston Health Precinct, the state’s largest healthcare zone, accommodating the Royal Brisbane and Women’s Hospital and Surgical Treatment and Rehabilitation Service.
Australian Unity was the seller.
It was also the developer; with over 1000 bays over nine levels, accessed from both Research and Back roads, construction was completed last year.
Handover was yesterday.
The San
Meanwhile, in Sydney, IPG has snapped up a 30 year sublease for 1500 bays over two floors at Wahroonga’s Sydney Adventist Hospital, also known as The San.
“The transaction marked…the beginning of the company’s expansion into the private healthcare sector,” chief executive officer, Brett Cohen, said.
“After decades of partnering with governments to support our public hospital network with financing and development, we’re proud to be expanding our portfolio with the San, one of Sydney’s most prominent health precincts and NSW’s largest private hospital,” he added.
“Through this project, we’ll be focused on delivering purpose-built, future-ready parking equipment and systems that support the San’s operations, patients and staff,” according to the executive.
IPG has appointed Wilson Parking, with which it has a national partnership, to run it.
With the deals, IPG controls over 12,500 bays nationally including elsewhere in Herston, the Metro North Health STARS facility, and at Perth’s QEII Medical Centre.
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