Gold Coast University Hospital and Private Hospital Car Parks

OTHER

Asset description

  • A concession until March 2044 (28 years) to operate the Car Parks servicing the Gold Coast University Hospital operated by Gold Coast Hospital and Health Services and the Gold Coast Private Hospital operated by Healthscope Limited
  • The Hospitals are located within a new 200 hectare purpose-built Health and Knowledge Precinct in Southport, approximately 6.5km northwest of Surfers Paradise
  • The Public Hospital Car Park has 2,297 bays and commenced full operations in September 2013
  • The Private Hospital Car Park commenced operations in March 2016 and comprises 496 bays

Investment fundamentals

  • Captive demand with limited alternatives or competition and opportunity for growth and expansion
  • Compensation regime with Queensland Health until the Public Hospital reaches 760 beds
  • The car parks are being managed under a long-term operating agreement with Secure Parking who operates over 1,000 car parks globally

Key risks and mitigation

  • Demand and competition represent two key risks, mitigated by engaging experienced car parking consultants to undertake extensive due diligence and taking a particularly conservative view on assumptions