This article is from the Australian Property Journal archive
A PARTIAL strata stake in the well-established Specialist Medical Centre in Sydney’s Westmead has hit the market, with expectations in excess of $10 million.
The 26.39% stake in the medical complex includes a three-level freestanding building at 7 Ashley Lane, predominantly leased to long-established tenant The Skin Hospital, in addition to adjoining suites 203 and 204 in the neighbouring 151 Hawkesbury Road.
Sam Biggins and Jessen O’Sullivan from Knight Frank, alongside Archerfield Property Group as Transaction Advisors, are marketing the stake via an expressions of interest campaign.
The property will be sold with a leaseback in place to The Skin Hospital with a proposed estimated net income of $641,832, with the suites in 151 Hawkesbury Road currently vacant.
“The Specialist Medical Centre is a premier medical strata asset with significant redevelopment potential, subject to council approvals,” said O’Sullivan.
“The sale and leaseback structure will provide significant income from a long-established healthcare tenant.”
The Skin Hospital sits adjacent to the Westmead Health and Innovation District (WHID), Australia’s largest medical, education and biomedical research precincts and provides dermatological clinical services, education, research and clinical trials.
“The Skin Hospital is located within the strata-titled Specialist Medical Centre, which occupies a keystone 3,279sqm land parcel opposite Western Sydney University and at the southern boundary of the Westmead Health Precinct, which forms part of the Westmead Health and Innovation District,” said Biggins.
“The WHID is one of Australia’s largest medical, education and training hubs, and a major key provider of jobs in the Parramatta and Greater Western Sydney region. The underlying parcel adjoins the Westmead Light Rail station, which will connect Westmead to Carlingford via the Parramatta CBD.”
The asset also sits just 200 metres from the Westmead Train Station and 250 metres from the proposed Future Metro Station.
The expressions of interest campaign for the partial stake in The Specialist Medical Centre is scheduled to close on 5 June 2024.
