News

On behalf of NHL Properties Limited (NHL), Mainland Capital is delighted to announce a new development partnership with Southern Eye Specialists Ltd (SES), the South Island’s leading eye care provider, for a state-of-the-art medical facility at 72 Papanui Road, Merivale.

SES purchased the Papanui Road site in December 2024 to support its expansion plans and engaged Murray & Co to identify a complementary development partner. Mainland Capital, on behalf of NHL, will deliver an A-grade architectural development, with construction scheduled to commence mid-2026 and completion anticipated in late 2027.

Established in 1994, SES employs more than 70 ophthalmologists, nurses, and administrative professionals, and now has 10 shareholder surgeons following the recent addition of three new shareholders. Serving approximately 35,000 patients annually, SES currently operates from 124 Kilmore Street, adjacent to the Forté Health Precinct, which is owned and managed by Mainland Capital.

“This partnership with SES highlights NHL Properties’ and Mainland Capital’s commitment to supporting private healthcare growth in Christchurch,” said Andrew Barclay, Fund Manager at Mainland Capital. “We are excited to deliver a modern facility that will meet SES’s long-term needs while reinforcing the strength of the city’s medical offerings.”

The 2,677 sqm, two-level development will feature a combination of brick, glass, and timber, supported by pre-cast concrete. It will include consultation suites, treatment rooms, a state of the art laser refractive suite, administrative spaces, and 70 car parks. Approximately 500 sqm of sublease space will be available, offering opportunities for complementary medical tenants.

Upon completion of the new Papanui Road facility, SES will vacate its existing 1,424 sqm premises at 124 Kilmore Street, opening opportunities for another medical occupier adjacent to the fully leased Forté Hospital precinct.

The 72 Papanui Road development marks the first time NHL and Mainland Capital have developed healthcare property away from the Forte Health Precinct. The Forté Health Precinct was created following the development of the 5,800 sqm Forté 1 Private Hospital, which opened in 2014. Mainland Capital is leading the development of the Forté Health Expansion Project, a 5,400 sqm new private hospital. Construction has commenced and on completion will provide an additional 4 operating theatres in addition to the existing 5 theatre facility. Following completion of that expansion in 2027, the Forté Health Precinct will comprise approximately 13,500 sqm of net lettable area, 277 car parks, and 17 fully leased medical tenancies.

The development is the first example of NHL’s goal of becoming a trusted property partner for other medical groups looking to develop new premises. With a strong contingent of shareholders and board members with a medical background, NHL has a deep understanding of healthcare and offers co-investment opportunities with likeminded investors.

“Following the capital raise we completed for NHL earlier this year, we have been looking for additional opportunities for NHL that are commensurate in tenant and build quality with the existing NHL properties” said Ben Bridge, Executive Director of Mainland Capital. “We are excited to partner with SES to deliver this project on behalf of our investors.”