New property agreements have been signed by Epworth HealthCare and NorthWest Healthcare Properties REIT, adding to the existing strategic partnership between the two organisations.
Epworth has agreed to the partial sale and leaseback of the Epworth Geelong building and adjacent land, and the sale and leaseback of the Elim rehabilitation facility in Richmond. Epworth retains control over the hospital functions at the sites and will work closely with NorthWest on development plans.
Similar long-term arrangements with NorthWest are already in place at Epworth Freemasons, Epworth Camberwell and Epworth Eastern.
Dr Lachlan Henderson, Epworth Group Chief Executive, said the agreement frees up capital, supporting long term growth and innovation.
“The agreement enables Epworth to focus on targeted growth, our ambitious digital program and innovation to deliver better outcomes for our patients, now and in the future,” Dr Henderson said.
“Importantly, our patient services will continue as normal. The strategic alliance with long term partner NorthWest means Epworth can further its vision of creating a health precinct in Geelong and develop the precinct in Richmond for the benefit of our community.”
“Our vision, Epworth 2025, underpinned by our new strategic plan, transformation projects and this partnership, ensures we remain focused on delivering exceptional care for all Victorians.”
Mr Craig Mitchell, President and Chief Executive Officer of Australia and New Zealand for NorthWest said they will develop a multi-staged masterplan for the future development of 4.2 hectares of land adjacent to Epworth Geelong and look at development opportunities at Epworth Elim at Richmond.
“This is an exciting transaction for NorthWest as we expand our partnership with Epworth HealthCare to further enhance healthcare services for the people of Victoria,” Mr Mitchell said.
“Both sites provide substantial opportunities for future health precinct developments which is a core area of expertise for the NorthWest business.”
Epworth remains responsible for the delivery of exceptional care to Victorians and our hospitals and sites will continue to perform as usual.