PANORAMA POWERS HEALTHCARE
In early 2025, Quayside, alongside JV partners Carrus Group and Watts Group Investments, secured Asclepius Surgical as the anchor tenant for Panorama Towers — a major commercial property development in Tauranga’s central business district. For Quayside, this evidences a commitment to investing in projects that primarily deliver a commercial return with resultant community benefits for the Bay of Plenty, in this case improving access and options to medical care.
Tauranga is New Zealand’s fastest-growing city, yet it remains one of the most underserved regions in the country for surgical capacity. Public hospital infrastructure has not kept pace with demand, leaving many residents without timely access to care, particularly for non-life threatening conditions that still impact quality of life and the ability to work.
Asclepius Surgical, led by local urologist Dr. Mark Fraundorfer, will help address this gap. The facility will occupy floors 6 to 11 of Panorama Towers and include six operating theatres, two procedure suites, and 60 beds. The facility is designed to serve both public and private patients and is well-suited to support publicly funded procedures.
Dr. Fraundorfer, who began his career at Tauranga Hospital 50 years ago, described the project as a fortunate alignment of timing, need, and shared values. “I was aware of Quayside’s investment approach — looking for community benefit alongside commercial outcomes. It just made sense.”
Quayside’s Investment Portfolio strategy requires all projects to meet a defined hurdle rate. The Asclepius Surgical partnership fits this model.
Panorama Towers is a 13-storey mixed-use development with seven levels of commercial and office space. The lower 5.5 storeys and basement will provide more than 300 car parks, including public spaces, improving access for patients, staff, and visitors. The car park is scheduled to open in 2025, with full building completion expected later in 2026.
The building has been designed and adapted to meet the specific needs of a modern healthcare facility. It will feature state-of-the-art equipment and systems designed to reduce waste and manage costs, while also supporting future growth and innovation.
Asclepius Surgical is locally owned, managed, and controlled, allowing it to respond quickly to the needs of the Bay of Plenty community. The facility will also support medical education, offering placements for students and registrars to gain experience across a wide range of surgical procedures, more than is currently available in the public system. Dr. Fraundorfer notes that every patient typically has one or two support people, meaning the facility will also contribute to increased activity in the city centre throughout the week and on weekends. “It’s not just about surgery, it’s about supporting the whole health ecosystem and people around it.”
Panorama Towers and Asclepius Surgical represents a forward-looking investment in both infrastructure and community wellbeing. GM Property Michael Jefferies comments, “For Quayside, this project is a clear example of how targeted investment with key partners can support intergenerational prosperity for our fund and in this instance also has the positive flow on effect of better access to healthcare, supporting local employment, and strengthening the region’s capacity to meet future challenges”.
