Century City Day Hospital
The popular mixed use development, Century City, will soon boast a day clinic and associated medical suites following the R63.6 million part-funding that Nedbank Corporate Property Finance has granted Corevest (Pty) Ltd to develop the two projects.
The two storey day clinic is situated within the Central Park Precinct in Century City on the corner of Park Lane and Century Way, and will comprise four operating theatres, 24 day beds, a 1500 m² radiology unit and pharmacy, as well as a 600 m² Intercare Medical Centre. The basement level will provide parking for 65 cars.
All approvals by the Department of Health are in place and construction commenced in February 2014, with completion due in April 2015. The entire complex will be managed by the Intercare Group which, together with a group of local surgeons, has established the tenant operating company that will lease the premises for a period of 15 years.
The developer, Corevest, has also established an innovative financial mechanism whereby the operating company will acquire a 50% stake in the property over the period of the lease.
The adjoining medical suites are situated in a recently completed office building which comprises two storeys of office space spanning 1,017m², as well as a semi-basement with 23 parking bays and eight external parking bays. Each floor will house a number of specialist consulting suites, sessional rooms for surgeons operating in the day clinic, ancillary and complementary medical service operators as well as combined reception and common area facilities. To date approximately 70% of the available space has been leased with the balance reserved for general practitioners.
This facility will be operational by October 2014 – on completion of specific tenant requirements – which includes the installation of a disabled-friendly lift, specialist plumbing, partitioning and common area joinery. Corevest has sold 30% of the investment to doctors involved in the development and intends disposing of a further 20% before October 2014.
“At Nedbank, we have great confidence in Corevest to bring these quality developments to market. This, coupled with the clinic and the medical suite’s location in Century City bode for a very successful project. Vacancies in the precinct, currently at 5%, are anticipated to drop due to its popularity,” says Richard Thomas, Regional Executive of Nedbank Corporate Property Finance, Cape.
“Quality medical care is vital and this medical facility will benefit the public greatly. Nedbank Corporate Property Finance is proud to have ensured another opportunity realised for a quality development in the precinct, and continues to be the market leader in the sector due to the innovative solutions it creates for its clients,” concludes Thomas.