Are Health Innovation Precincts a blueprint for other property sectors?
I attended the 2018 National HIP (Health Innovation Precincts) Conference recently, which was run by the Western Sydney Business Chamber in partnership with Liverpool Innovation Precinct Partners. Some of the brightest medical experts presented on the key success factors in creating innovative and entrepreneurial places to successfully develop and operate high performing health precincts.
At APP, we work with a number of property owners that are striving towards international best practice health facilities. Most notably, our work with a number of leading health and educational clients offer APP’s team valuable learnings to apply across our full service line from strategy and master planning to delivery and transition phases.
The level of sophistication applied towards these HIP’s is a new type of urbanisation, both locally and internationally, and is being applied to other sectors. A thriving precinct will be defined by a number of success factors:
- the combination of the right mix of development, including proximity to affordable and diverse housing types;
- a range of cultural, entertainment and leisure activities, including strong night-time activities;
- the convenience of the location and associated services;
- the diversity of the product and its’ people (the community);
- high levels of amenity and walkability;
- accessibility of the precinct using private and public transport;
- the activation of the precinct, and
- the overall experience and the opportunity to respond, reshape and grow.
By applying these success factors to other real estate sectors such as for example, retail shopping centres and educational campuses, we can apply new insights into how to truly make our client’s projects innovative ecosystems.
David Borger, Executive Director of the Western Sydney Business Chamber, said, “Health innovation precincts are the new job drivers of the future and we need to ensure we invest to capitalise on the job opportunities for the next generation.”
“Innovation precincts such as the ones at Liverpool and Westmead create high value jobs and generate significant economic activity for Western Sydney”.
“There is so much potential for these precincts here in Sydney to develop and flourish but we must first understand successful health innovation precincts around the world and how we can apply some of those guidelines here,” Mr Borger said.
APP would welcome the opportunity to demonstrate how we could bring the right people to the table in developing sustainable and innovative precincts, whether as HIP’s or other mixed use developments.