Australian Unity has signed multiple agreements to start the construction of $1.1bn Herston Quarter health precinct in Brisbane.

After completion, Herston Quarter project will provide the people of Queensland with latest health, hospital and aged care services.

The project will also have the scope to develop international standard research and educational facilities in future.

Australian Unity Group managing director Rohan Mead said: “This project embodies Australian Unity’s vision to create the social infrastructure people need, and we appreciate the Palaszczuk Government’s commitment to moving ahead with this important project for Brisbane and Queensland.

“The exchange of contracts between Australian Unity and Metro North Hospital and Health Service for Herston Quarter is a vital step on the path to delivering stronger future health outcomes to Queenslanders.”

The precinct will comprise public and private hospitals with residential options for retirees and aged care facilities.

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Last August, the Queensland government announced that Australian Unity has been chosen to develop the Herston Quarter through a bidding process.

Herston Quarter is situated close to the Royal Brisbane and Women’s Hospital.

This project will include a specialist rehabilitation and ambulatory care centre; a private hospital; residential aged care; childcare; retirement living and student accommodation; a co-working hub and education and training facilities.

Australian Unity chief investment officer David Bryant said: “Herston Quarter will combine our experience in the construction of hospitals and the operation of ‘hard’ social infrastructure such as aged care and retirement villages with our expertise in the provision of ‘soft’ social infrastructure, such as our preventative health businesses, playing an integral part in the health research element of the project.”

The project is expected to take five to ten years to complete. Construction will be completed in stages.