EG is sees good income and revaluation upside with a four-building healthcare campus directly opposite Redland Hospital and Mater Private Hospital Redland, with capital raised through EG Private Wealth; doctors are among the investors. Shay Ramalingam explains what our data shows, what the clinicians on site have told us, and why the best medical real estate is built on relationships. It should be of interest to medical professionals curious about diversifying into medical property investment.
Bayside Business Park (outlined), 16–24 Weippin Street, Cleveland – across the road from Redland Hospital and Mater Private Hospital Redland, with Moreton Bay beyond.
Ask a proceduralist what they are short of and the answer is usually time: Theatre time, and the hours lost moving between rooms, theatres and imaging. Patients feel the same friction from the other side – appointments in different suburbs, different car parks and different sets of forms.
That friction is why we look for precincts rather than buildings. It is also why we are investing in Bayside Business Park, a four-building campus at 16–24 Weippin Street, Cleveland, across the road from Redland Hospital and Mater Private Hospital Redland. The capital is coming from EG Private Wealth investors, and doctors are among them.
The campus is home to Mater Health Centre Redland, Queensland X-Ray and Icon Cancer Centre Redland, alongside specialist suites, a cancer wellness centre, a pharmacy, a childcare centre and a gym. Here is why it stands out.
4 buildings on a 1.5 ha site
5,677 m² of lettable space
219 car bays
2 hospitals across the road
01 · Proprietary data screens
We start with the data
Before anyone at EG travels to a prospective asset, it is important to note every opportunity goes through EG’s proprietary data screens. We map a drive-time catchment and ask three questions: How much care do people here need, can they afford to access it and who is available to deliver it?
Cleveland scores particularly well on the measures that matter for healthcare. Within a 15-minute drive, 21.9% of residents are aged 65 and over, compared with 18.0% across Queensland. That group is projected to grow by about a quarter by 2036, while the under-65 population edges lower. This matters. In 2019–20, Australians aged 65 and over were about 16% of the population but accounted for 46% of Medicare-subsidised specialist attendances.1
These residents also use more care. At the 2021 Census, 38% reported a long-term health condition, against 34% statewide, and Medicare data show locals have more GP visits and more diagnostic imaging per head than Queenslanders overall. Household incomes are above the state average too.2
Healthcare demand at a glance
21.9% of residents within a 15-minute drive are aged 65+ (Queensland: 18.0%)
+26% projected growth in residents aged 65+ by 2036, while under-65s edge lower
46% of Medicare-subsidised specialist attendances are for people aged 65+, who make up about 16% of Australians (2019-20)
38% of residents reported a long-term health condition at the 2021 Census (vs 34% in Queensland)
The supply side is the clincher. The area is not a Distribution Priority Area for general practice, but it is classified as a District of Workforce Shortage for specialists.3 Put simply: There are GPs to refer, and the bottleneck is the specialist care that follows. That is precisely what this campus houses.
“There are GPs to refer. The bottleneck is the specialist care that follows.”
02 · Well-invested real estate
Real estate that has been invested in
Good precincts are built on capital that is hard to move. Here that includes a radiation oncology bunker housing a Varian TrueBeam linear accelerator, MRI and CT suites, and consulting rooms fitted out for specialist practice. The campus was developed progressively from around 2009 on almost 1.5 hectares, with 219 car bays – a detail that matters more than it sounds when a patient is coming in for radiotherapy every weekday for several weeks.
The investment around the site matters just as much. Metro South Health has invested more than $300 million upgrading Redland Hospital.4 In 2025, Mater opened a new endoscopy suite with two new operating theatres, and a dedicated eye procedure theatre, at Mater Private Hospital Redland. It expects to treat about 5,000 more patients a year, and 12 new specialists have joined.5 When hospital operators commit capital on that scale, they are telling you where care will be delivered for the next decade.
Building 1 · Imaging and gymBuilding 2 · Mater specialist suites and pharmacyBuilding 3 · Early learning centreBuilding 4 · Cancer care and specialist suites
03 · Leading operators
Quality attracts quality
A high-quality precinct speaks to leading operators, particularly in the sub-specialties that rely on precincts most: Imaging, radiation oncology, gastroenterology and endoscopy, orthopaedics and ophthalmology. These services tend to carry higher margins, but also higher fixed costs. They depend on referral density, specialised equipment, skilled staff and, for proceduralists, theatre access close by.
Cleveland already has those operators. Mater, whose Queensland story began with the Sisters of Mercy in 1906, runs specialist consulting suites on the campus; one suite alone lists 29 doctors, from orthopaedic, general and colorectal surgeons to gastroenterologists and physicians.6 Queensland X-Ray, part of Sonic Healthcare, offers MRI, CT, PET/CT, nuclear medicine, ultrasound, mammography and X-ray.7 Icon Cancer Centre Redland has treated patients on site since 2017, with eight radiation oncologists and two haematologists consulting. In September, its average time to start radiotherapy was two days.8
One street, two hospitals and a campus of specialist services: the precinct from above.
04 · Working with clinicians
We listen to the people who run the sites
In our experience, the people who manage these sites are overwhelmingly clinical specialists by background – radiation therapists, radiographers, nurses and doctors who have stepped into management. So we don’t start with the lease. We start with four questions:
The patient journey. What does it look like, from referral to follow-up?
The bottlenecks. Where does it slow down – the waiting list, the room, the machine or the car park?
The staffing. Can you staff it, and which roles are hardest to fill?
The plan. How will you meet the needs of this community over the next decade?
The answers tell a landlord what to do. If the constraint is space, we plan for growth. If it is staffing, we think about hours, amenity and the colleagues you work alongside. If patients can’t find a park, that is our problem, not yours. Our job is to take friction out of the pathway, not add to it.
“Our job is to take friction out of the pathway, not add to it.”
05 · Referral patterns
Location, location, referral
The other side of a precinct is the referral network that runs through it. Nobody walks in off the street for an MRI or a course of radiotherapy. Consider a common pathway: A man referred with a raised PSA may need a urology consultation, an MRI or PSMA PET scan, a procedure and possibly weeks of daily radiotherapy. Every handover is a chance for delay. In Cleveland, urology rooms, MRI and PET imaging, theatres and radiotherapy all sit within a short walk of each other – so the pathway is shorter, clinicians talk more easily and the patient spends less time in the car.9
One pathway, one precinct
GP referral · in the community
Urology consultation · specialist suites on campus
Imaging – MRI or PSMA PET/CT · on campus
Procedure · theatres across the road
Radiotherapy, if recommended · daily, on campus
Follow-up · with the specialist and GP
Illustrative pathway for a man referred with a raised PSA. Orange steps are available within the precinct.
Imaging follows the clinicians who order it, so every specialist who joins the hospital’s consultant team is also a potential referrer to the services on the campus side of the road. We map these patterns deliberately – who refers to whom, where patients go next and which complementary service is missing – then use tenancy mix, layout and timing to cement them. We have done this before at Highlands Health Centre on the Gold Coast, where we brought a national radiology operator in alongside the GP practice to create a multi-disciplinary health hub.
06 · Our approach
Relationships really matter
Bringing people together is what EG does. Our motto is simple: Relationships really matter. In healthcare that is more than a slogan. The foundation of a high-performance team is trust – between surgeon and anaesthetist, referrer and specialist, practice and landlord. A precinct works when the people in it trust each other enough to share patients, plan together and raise problems early.
That is the role we want to play in Cleveland: A long-term partner that listens first, invests where it helps patients and brings the right people into the same room. It is why we believe the best medical real estate is built on relationships, not just location.
Working together
“The foundation of a high-performance team is trust.”
Interested in how this thinking shapes EG Healthcare Property Trust No. 3? We would welcome the conversation.
Shay Ramalingam is Partner and Director, Healthcare at EG, a Sydney-based real estate investment manager. A Cambridge economics graduate, he has 25 years’ experience across private equity, funds management and operations, including helping to build Octopus Real Estate’s UK healthcare business from inception.
Disclosure: EG is acquiring the property described in this article for an EG Private Wealth fund. The author is a Partner of EG.
EG analysis of GapMaps data (drawing on ABS Census 2021, ABS population estimates and Medicare 2024) for the 15-minute drive-time catchment of 16–24 Weippin Street (2025 estimates; projections to 2036).
Department of Health, Disability and Ageing, Health Workforce Locator (DPA and DWS classifications).
