NorthWest Healthcare Properties has invested $76.6 million to acquire a 27,840 sqm site in Sydney’s southwest suburb of Campbelltown and develop it into a multi-stage healthcare precinct.
The first stage of the development will be a four-storey integrated cancer centre and research hub worth $52 million that will be operated by GenesisCare.
The centre will have 2,713 sqm of net lettable area situated on a 4,473 sqm site, with construction expected to be completed by mid-2023.
The remaining 23,367 sqm of land will be developed into a staged healthcare precinct, with gross floor area totalling 32,000 sqm, as well as associated car parking, across the entire site.
NorthWest acquired the leasehold land through its NZX-listed Vital Healthcare Property Trust from the Campbelltown City Council.
“The opportunity to secure a site in the heart of Campbelltown, one of the fastest growing cities in Australia, around 50km south-west of the Sydney CBD and 20km south-west of Liverpool, was a strategic priority for NorthWest,” NorthWest Senior Vice President Precincts Alex Belcastro said.
“There is already an underservicing of private healthcare facilities in this region.
“The site we have acquired on which the healthcare precinct would be developed, adjacent to the cancer centre, is likely the only healthcare development opportunity remaining in Campbelltown, and we look forward to bringing together the best healthcare providers to improve and expand the delivery of health services to southwest Sydney.”
“South West Sydney is one of the fastest growing corridors in NSW and it is absolutely critical that we invest in the right healthcare infrastructure to ensure the needs of cancer patients are met now and in the future,” General Manager for GenesisCare in NSW, Fergus Rourke said.
“Our integrated cancer centre and research hub will provide patients access to radiation oncology, medical oncology, allied health and wellness services, all in one convenient location, as well as diagnostic imaging and pathology operated by trusted partners.”
In other healthcare property news, the Centuria Healthcare Property fund purchased an in vitro diagnostic manufacturing laboratory in the Melbourne suburb of Mt Waverley for $51 million last November.
Earlier that month, Australian Unity Healthcare Property Trust settled the purchase of three aged care properties in Queensland in a $93.65 million sale-and-leaseback deal with McKenzie Aged Care Group.