The New South Wales (NSW) Government has announced the topping out ceremony of the $507.41m (A$723.3m) Tweed Valley Hospital.

With the latest development, the hospital has achieved a major milestone, hitting its highest construction point.

NSW Deputy Premier and Regional Minister Paul Toole said: “Today’s ‘topping out’ ceremony is a significant milestone for this incredible new health facility which will double capacity of the existing hospital to better meet the current and future healthcare needs of this community which has grown by 6,000 people since this project was first announced.”

Toole said the state’s largest regional hospital project will bring quality health facilities and services closer to communities in the Tweed Valley region.

The hospital development is part of the NSW Government’s $7.57bn (A$10.8bn) investment to improve health infrastructure.

Construction of the new seven-storey building is likely to be completed in 2023.

With the completion of works on the hospital’s full structural height, construction teams will focus on internal fit-out of the building, service installations and facade.

Designed in collaboration with staff and the community members, the hospital will feature over 400 overnight and day-only beds, expanded emergency department equipped with 42 treatment spaces and more clinics for outpatient services.

Once ready, the building will also have new interventional cardiology service, 12 operating theatres, integrated cancer care service along with radiotherapy service and a PET-CT suite.

Minister for Regional Health Bronnie Taylor said: “These services will be a game-changer for the local community, providing treatment locally to ensure up to 5,000 people no longer have to travel outside of the region to access life-saving treatments.

“Once complete next year, the new hospital will boast almost 200 more beds and an extra 16 new Emergency Department treatment spaces.”

Additionally, the project will deliver a $35.07m (A$50m) multi-storey car park with space to fit as many as 1,200 cars.