Thinking big in Yarrabilba Health City

Halfway between Brisbane and the Gold Coast, a new city has appeared. Built at the foot of Mount Tamborine, Yarrabilba was one of 3 satellite cities announced in 2010 to ease the pressure on Southeast Queensland in the face of a rapidly growing population.

By 2016, GPs Dr Kanishka Banerjee and Dr Anura Seneviratna, along with cardiologist Dr Shashi Ranjan, saw the opportunity to establish a specialist centre that could cater to the area. ‘There were no specialists around,’ says Dr Banerjee. ‘The need was there, and we decided to look for people who would cater to those needs.’

Dr Banerjee, Dr Seneviratna, Dr Ranjan and their colleagues Dr Ameer Hamza, Dr Umesh Shetty, and Dr Ravi Eswaren formed a team to build a health centre that would act as a one-stop-shop for nearby residents so they wouldn’t have to drive to Brisbane or the Gold Coast to receive world-class care.

Spreading out for better care

Two plots of land were secured. Architects were commissioned, and roles were allocated between the 6 partners. But the team also learned to work with each other through the process, which Dr Hamza said came naturally as they are all on the same wavelength.

‘It was a very stressful process, and only people who have got a strong connection could move the project forward. The six of us have had ups and downs, of course, but we still have a strong relationship with each other, and I think that accounts for the strength of this team,’ says Dr Hamza.

As the project progressed, discussions continued about the local demand for services, and ideas for the centre’s final form kept growing. ‘One of the ideas was to make it a day hospital, as there was no day hospital in the area,’ says Dr Shetty.

A day hospital has different building standards for construction compared to a specialist centre. They soon realised the land they’d purchased was too small. ‘If we were to expand the building, we had to meet certain requirements, like adequate parking. We couldn't go higher because we were not allowed to build more than a two-storey building. So, we had to purchase another plot,’ says Dr Seneviratna.

A proactive partnership with a shared vision

Design changes and the new plot of land slowed construction down. And when the pandemic hit, costs went up for the build.

‘We had to scramble around and make sure we had the finances in place. While this was happening, all six of us were working in our own individual practices. To give time to the project was very, very challenging,’ says Dr Shetty.

The doctors required support from a finance provider that understood the business model of a day hospital. ‘We wanted somebody who is proactive with us, who's coming with us and who is very much more supportive of our ideas, rather than somebody who just shows us the rule book,’ explains Dr Shetty.

‘Both Dr Eswaren and I had experience in dealing with BOQ Specialist through [a previous clinic], Radiant Radiology, and they had been very, very helpful to us.

‘They [the BOQ Specialist team] saw the risks – it's a massive project after all – but they went through all the checks and balances. They were very happy to help us with all the paperwork. And once they paid a visit to the place, they saw our vision and it really opened their eyes to the fact that there’s so much potential in that area,’ says Dr Shetty.

Servicing a new local community

The Yarrabilba Health City is a multidisciplinary centre, with spaces for medical and allied health specialists running the gamut from paediatrics to geriatrics, as well as a dentist, physiotherapist, and other allied health services. They still have vacancies and are actively chasing interest from other complementary specialists.

‘This area is not on the main motorway. It’s not a location where you can just drive for five minutes and see it,’ explains Dr Hamza. ‘So, bringing specialists into this location is a very challenging task. But the task becomes easier by providing such a top-class facility,’ he says.

Despite the geographical setback, Dr Hamza and the rest of the team know when people come to the area; they will see its potential.

‘And we are looking for people like that,’ adds Dr Hamza. ‘They need to be socially relevant – that means somebody who is actually interested in the area. My hope is we will get more and more people who will have that in common with us. And we will all win together.’

The BOQ Specialist advantage

BOQ Specialist’s strength lies in their unique ability to cater to the specific needs of ventures, just like Yarrabilba Health City. Financial Specialist Justin Cureton was able to support the team’s vision, even with cash flow pressures due to the property being only partially leased.

‘An important part of what we were trying to do was structure the transaction in a way that would relieve some of the cash flow pressure while they were still leasing up the property and getting the right sort of tenants in there.'

As the Yarrabilba team sought additional funding for tenancy adjustments and property enhancements, BOQ Specialist facilitated a positive credit outcome. ‘We were basically able to materially reduce the repayments they were making and also give them a bit of extra cash to help them invest some more money back into the property again.’ This exemplifies BOQ Specialist's commitment to supporting healthcare facilities and maximizing asset value.

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