THE PRINCE CHARLES HOSPITAL CAR PARKS
Providing vital hospital infrastructure
Estimated project value:
$ 54 million
International Parking Group, with support of Initiative Capital
Stage 2: Detailed Proposal stage of the market-led proposal process
Privately funded through car parking tariffs
Delivery period (if approved to proceed):
The Prince Charles Hospital (TPCH) in Brisbane’s north annually provides services to more than 500,00 patients and employs around 3000 staff. Current car parking facilities at the hospital are at capacity.
Car parking developer International Parking Group (IPG), which is contracted to manage paid car parking at the PCH campus, has submitted a market-led proposal offering to resolve the hospital’s car parking shortage by financing and constructing two multi-level car parks offering 1,500 bays in return for an extension of its existing exclusive contract for the management of all paid parking on the campus. As part of its proposal IPG has also offered to construct office accommodation for 500 staff.
IPG’s expertise in this space, their existing contractual arrangements and their value add offer to finance and build office accommodation, puts them in a unique position to develop the car parks. As a result, the government has invited IPG to submit a Stage 2: Detailed Proposal under its market-led proposal framework. If IPG can demonstrate conclusively to government that this proposal meets the MLP criteria, the project will be approved.
The detailed proposal is expected in late 2017. If approved, construction could commence in mid-2018 and support around 80 jobs a year.
Unique competitive advantage:
IPG’s incumbent position, along with their experience and knowledge of the site and their offer to finance and build office accommodation for the hospital puts them in a unique position to develop the car parks, which a competitor could not replicate.
More car parking available to staff and patients at no cost to government and campus space freed up to build health infrastructure.
Additional patient car parking will also help the hospital to operate more efficiently as patients can more reliably meet outpatient appointments.
Staff will benefit from safe and secure car parking.
Private development of the car parks means that hospital funding can be directed towards health services and facilities.
Private financing and funding means TPCH can direct its budget towards front-line services.