Ex-hospital with repurpose upside for sale
A sprawling rehabilitation and mental health hospital in suburban Wollongong has been listed for sale after closing in March.
The former Ramsay Clinic Thirroul, previously the Lawrence Hargrave Private Hospital, at 72 Phillip Street, is being marketed to healthcare sector investors or operators, with 4000 square metres of improvements including patient accommodation, clinical areas, and staff facilities.
It also holds significant development upside; the 7514 sqm site, zoned Low Density Residential, can accommodate multi-dwelling housing or an aged care complex – the latter, the agents said, which would carry an end value over $20m.
Thirroul is 13 kilometres north of Wollongong’s CBD.
Repurpose upside
The facility most recently operated as a mental health hospital with 43 rooms with ensuites in multiple wings with hospital-grade lifts.
As the Lawrence Hargrave Private Hospital, it had 54-beds.
It also has clinical areas, staff facilities and communal amenities including a gymnasium and swimming pool (continues below).
“Unlike many legacy healthcare assets, the improvements at 72 Phillip St remain highly relevant to contemporary healthcare, seniors living and accommodation uses, significantly reducing capital expenditure requirements for incoming owners across various uses like healthcare, seniors living accommodation, NDIS housing and more,” CBRE’s Sandro Peluso, who is marketing the asset with Marcello Caspani-Muto and Alex Mirzaian, said.
“The combination of modern improvements and coastal land value should resonate strongly with the market,” he added.
“It is rare to see a healthcare facility of this scale, quality and immediacy offered vacant in a premium coastal suburb, buyers recognise that much of the value is already embedded in the building – not just the land – which materially changes feasibility outcomes for a wide range of uses,” according to the executive.
Mr Caspani-Muto said the improvement has been maintained to high standards “that can be reactivated almost immediately”.
“The property is offered with vacant possession, enabling owner-occupiers, operators and investors to move quickly — whether through immediate reuse, reconfiguration or longer-term strategic redevelopment,” he added.
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