Royal Children's Hospital
Royal Children's Hospital
With Financial Close in November 2007, this award-winning Australian project involved the design, construction, facilities management and financing of The Royal Children's Hospital in Melbourne on the site adjacent to the existing hospital. It also included the refurbishment of selected existing hospital buildings, the erection of temporary accommodation structures and transitional services.
About
The new Royal Children’s Hospital (RCH) was the largest hospital redevelopment undertaken by the State Government of Victoria. Stage 1 of the project brought together six levels of clinical, research, education and retail facilities with a total built form of 250,000m2 within a 10-acre site and also incorporated the refurbishment of two existing hospital buildings. RCH supports access and family-centred care which is culturally and spiritually sensitive. Importantly the hospital is operationally efficient, optimising the use of people and resources and can achieve service plan targets and sustaining service levels into the future.
With a capacity to treat over 593,000 patients a year, the project also includes research laboratories and the University of Melbourne School of Paediatrics which cover 23,000m2. These specialist areas are fully integrated into the campus.
Stage 2 of the facility was completed in September 2014 and involved the demolition of hospital buildings, construction of a hotel and other retail services, as well as refurbishment of existing buildings into office suites. The entire facility was delivered three months ahead of program and within budget and has been fully operational since November 2011.
The project has won a number of awards due to its outstanding design and functionality. The acknowledged success of the project, through both the delivery and operations phases, has delivered a world class hospital and end-user experience.
Environmental considerations featured strongly in the design include carbon reducing technologies, water capture methods and clever orientation of buildings to meet high sustainability targets. In doing so, the Hospital obtained 5-stars as part of the Green Star certification programme – the highest possible score. This philosophy has carried through into the operations phase, with annual reductions in CO2 emissions now at 2,425,490 kg/pa due to sustainability initiatives initiated by Project Co.
On 26 October 2011 Her Majesty the Queen officially opened the new Royal Children’s Hospital in Parkville, Australia as Patron, almost 50 years after opening the existing hospital facility in 1963.
Key impacts and benefits
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Why we invested
PPPs provide much needed critical infrastructure often replacing older public sector properties with new state of the art facilities operated by experienced facilities management contractors. The investments provide stable long-term, index-linked cash flows backed by high quality public sector counterparties.
- Stable Income from high quality counterparties: The investment company receives availability-based revenues from the State of Victoria
- International Delivery Model: INPP has invested in PPP assets in Australia, Canada, New Zealand, Europe and the UK
- Long Term, Predictable Cash Flows: The concession will last for 25 years from Stage 1
- Risk Transfer: Construction and operational risks are transferred to investment company’s supply chain partners
- Inflation-Protected Revenues: Revenues are generally inflation-linked and indexed to local inflation measures
- Critical Infrastructure: INPP’s PPP investment has had a major impact on the quality of tertiary health services delivered to children in both metropolitan Melbourne and rural / regional Victoria, including international patients from the south pacific.
Sustainable Development Goals (SDGs)
2030 Agenda for Sustainable Development adopted by UN Member States in 2015
SDGs supported:
Outcomes
- Health Care Infrastructure: In addition to the Royal Children’s hospital, INPP is a major investor in Australian Healthcare which also includes two major hospitals; the Orange Regional Hospital (NSW) and the Long Bay hospitals (NSW) in Australia. In addition, Amber has made over 35 health sector investments in the UK delivering frontline primary and community care services to the local population.
- International Presence: INPP has healthcare sector investments in Australia, Canada, Europe and the UK
- Focus on New Build Infrastructure: Internationally, INPP has invested in [X] New Build Hospitals and Primary Care Centres across the globe
- Wellbeing: INPP’s health assets help ensure healthy lives, promoting well-being for all at all ages (SDG 3)