ISPT, HESTA mark major milestone, topping out Healthcare and Life Sciences asset Brenan Place

The project was ISPT’s first direct investment in the growing sector

Leading property fund manager ISPT, alongside mandate partner and leading superannuation fund HESTA, have today celebrated the topping out at their 12,096sqm PCA A-Grade commercial building, Brenan Place, at 33 Victoria Parade, Fitzroy.

Built by Hansen Yuncken, the facility is connected on the ground floor to the new $206 million biomedical research facility, the Aikenhead Centre for Medical Discovery (ACMD) and adjoins the wider existing St Vincent’s Hospital Melbourne precinct. The property will feature a 100 per cent electric base build, 5.5-star NABERS rating, and 5-star Green Star design.

When fully complete in Q1 2026, anchor tenant St Vincent’s Health Australia will occupy over 40 percent of the building.

Both ISPT and HESTA view the sector as highly defensible and strategic, with the growth across life sciences underpinned by macroeconomic factors including an ageing population, population growth and healthcare advancements.

Brenan Place will provide brand new office space for up to 1000 people when operational, with commercial office floorspace, administrative and medical services, consulting suites, research areas and health offices throughout the building, alongside wellness amenities and end-of-trip facilities.

ISPT and HESTA through its healthcare property mandate, alongside architect Bates Smart and heritage architect Trethowan Architecture, have restored and integrated the historic Brenan Hall into the main lobby of the building to create business lounge and event space.

Alongside Brenan Place, ISPT has two other Healthcare and Life Sciences assets in Core Fund – a 95% stake in the $600 million Health Translation Hub in Sydney alongside super funds HESTA through its healthcare property mandate and UniSuper, which is being developed in a joint venture with Plenary Group; and the $585 million hub at 10 Missenden Road, Camperdown which ISPT is delivering in partnership with Australian Retirement Trust (ART).

Quotes attributable to ISPT Head of Development (Healthcare, Life Sciences & Education), Jason Lourensz

“This is an important milestone for a sector that we have a lot of confidence in – the fundamentals are strong, the market drivers are solid and structural factors like Australia’s ageing population will continue to drive demand long into the future.

“Across the board we are seeing more demand for research and development, laboratories and research centres, which is fuelling the need for specialised property that can cater to the very unique requirements of these operators.

“Australia has a long history of being at the forefront of medical research and healthcare, which has been driven by leading national research facilities, a very successful relationship between academia and the healthcare industry and consistently strong government funding, and we are proud to be a part of that ecosystem with projects like Brenan Place.

Quotes attributable to HESTA CEO Debby Blakey:

“HESTA is proud to acknowledge this major milestone for Brenan Place. We see this investment supporting innovation and jobs in sectors where many of our members work, while also helping drive positive outcomes for the broader community. Australia’s ageing population is fuelling strong demand for health services and there are significant opportunities to deliver strong and sustainable long-term returns for our members, while helping contribute to better health outcomes, job creation and economic growth.”

Quotes attributable to Nicole Tweddle, Chief Executive St Vincent’s Hospital Melbourne:

“For St Vincent’s, Brenan Place is a great step forward in transforming our Fitzroy campus into a space that better serves our people, our purpose and our patients.

“Together with the Fitzroy Private Hospital Tower and the Aikenhead Centre for Medical Discovery developments, Brenan Place is a key element to realising our vision and our ambition for the St Vincent’s Fitzroy Health and Innovation Precinct.”