The new programme for government marks a significant step in addressing the pressing needs of Ireland’s healthcare system. This document promises substantial changes and improvements to public-health infrastructure, services and accessibility. For investors and developers in the real-estate sector, these changes offer opportunities to align projects with the Government’s healthcare initiatives, supporting societal welfare while also offering investors secure returns.
One of the cornerstones of the programme for government is the modernisation and expansion of healthcare facilities. The Government plans to invest in building four elective hospitals, six surgical hubs, expanding trauma services, developing rapid outpatient clinics and increasing bed capacity, including ICU beds. Many of these bed-expansion programmes will require freeing up floor area in already overcrowded hospital infrastructure. TWM believes this promised investment can deliver better health outcomes for the population and create a strong demand for real-estate development and repurposing. We only have to look at the repurposing of the 16,908sq m (182,000sq ft) Seamark office building at the mixed-use Elmpark Green scheme next to St Vincent’s University Hospital in Dublin 4 to see this healthcare strategy beginning to take shape.
The planning process also plays a key role in both new builds and the repurposing of existing buildings. It may be that a number of real-estate investors will be in a position to harness this opportunity by engaging in public-private partnerships to develop medical facilities. Such collaborations can lead to the creation of healthcare hubs that integrate hospital services, outpatient clinics, diagnostic centres and rehabilitation facilities.
Healthcare hubs in an Irish context have evolved in an organic manner and one of our best examples of this can be found in the Dublin suburb of Tallaght, where a former office complex is now home to Ireland’s first integrated academic and primary care centre. Healthcare and academic services are provided from the same location, bringing together local GP practices, Health Service Executive services, out-of-hours services and a community pharmacy to provide health and social-care services for people of all ages in a single location.
Sustainability
The most effective way to minimise upfront embodied carbon is to reuse an existing building rather than construct a new one. This is plainly in evidence at Swords Business Campus in north Dublin, where both private and public-health operators are now the largest occupiers.
While the repurposing of existing buildings should be pursued where possible, new development will continue to be essential in particular instances. The expansion of healthcare infrastructure in both scenarios is expected to create a ripple effect in the residential real-estate market. We are already aware of the concerns of healthcare providers in relation to the availability of affordable and locally located accommodation for staff.
As new hospitals and medical facilities are built, there will be increased demand for affordable housing nearby. Medical professionals, including doctors, nurses and administrative staff will require high-quality accommodation. Additionally, a number of patients and their families will seek short-term rental options during treatment periods. Real-estate investors should consider focusing on residential properties tailored to the needs of healthcare workers and patients, particularly where this accommodation is located in close proximity to general hospital hubs.
According to the Central Statistics Office, the number of people in Ireland aged 65 and over is set to surpass a million by 2030 and more than 1.81 million by 2057. Our ageing population profile will see an ever-increasing demand for senior living and assisted-living facilities that offer a continuum of care. Developers and investors can play a pivotal role in meeting this demand through the development of healthcare infrastructure, residential properties and dedicated senior-living communities.
Patricia Ward is a director of agency and investment at TWM
