Brenan Place, a new medical office development at 33 Victoria Parade, Fitzroy, has reached practical completion, marking a key step forward in the development of the St Vincent's Fitzroy Health and Innovation Precinct.
Co-owned by funds managed by IFM Investors and HESTA (through its healthcare property mandate with IFM), Brenan Place was the first direct investment in the healthcare sector from IFM's real estate team in 2021.
The 12,164 square metre, PCA A-Grade medical office has been delivered by Hansen Yuncken and is directly connected at ground level to the Aikenhead Centre for Medical Discovery (ACMD) strengthening integration between research, clinical care and commercial partners across the precinct.
Brenan Place features a 100 per cent electric base build, and is targeting a 5.5-star NABERS Energy rating and 5-star Green Star design, supporting strong sustainability outcomes within a modern healthcare and commercial environment.
St Vincent's is the anchor tenant, occupying more than 45 per cent of the building, with capacity to accommodate up to 1,000 workers across commercial office space, administrative and medical services, consulting suites and research/clinical trials spaces. Five floors remain available for lease with active discussions with prospective tenant partners.
The development also incorporates the adaptive re-use of the historic Brenan Hall, which has been restored and integrated into the building's main lobby to create a business lounge and event space, designed by Bates Smart in collaboration with heritage architect Trethowan Architecture.
Quotes attributable IFM Investors National Development Director, Office, Healthcare & Education Jason Lourensz:
"Reaching practical completion at Brenan Place is an important milestone and reflects our conviction in the long-term fundamentals of the healthcare sector and the potential it has to deliver for our clients and the working people they represent.
"This development responds to growing demand for specialised, high-quality space that supports research, innovation and healthcare delivery, underpinned by powerful structural drivers including population growth, ageing demographics and ongoing medical advancements."
Quotes attributable to Sonya Sawtell-Rickson, Chief Investment Officer, HESTA:
"This milestone is a proud moment for HESTA. Brenan Place is a prime example of investment in high-quality healthcare assets that can help us deliver long-term returns while supporting jobs and innovation in a critical sector where so many of our members work."
Quotes attributable to Nicole Tweddle, Chief Executive, St Vincent's Hospital Melbourne:
"Brenan Place is an important step in the continued development of St Vincent's Fitzroy Health and Innovation Precinct, supporting closer integration between clinical care, research and innovation."
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About IFM Investors
IFM Investors is a global asset manager, founded and owned by pension funds, with capabilities in infrastructure equity and debt, private equity, private credit, real estate and listed equities. Our purpose is to invest, protect and grow the long-term retirement savings of working people.
With assets under management of approximately $267.6 billion AUD as of 31 March 2026, we serve over 800 institutional investors worldwide, operating from 16 offices across Australia, Europe, North America and Asia.
