EG buys GenesisCare-backed clinic, Sydney
EG has bought a west Sydney specialist medical investment from Centuria.
The purpose-built radiation oncology facility on 531 square metres at 375A–377 Concord Road, Concord West, is leased to GenesisCare which pays $1.082 million annual rent.
Applying a six per cent yield, the value would circle $18m.
The suburb is about 16 kilometres west of Sydney’s CBD.
Concord West oncology clinic
With 10 car parks at the corner of Currawang Street, the six year old medical centre is 500 metres to the Concord Repatriation General Hospital.
The basement includes a radiation oncology bunker, while the three-level building contains consulting and clinical space.
A radiotherapy facility operates from the address.
The weighted average lease expiry by income is 3.59 years (continues below).
“We look for assets that are difficult to build, difficult to license and difficult to replace, serving demand that does not move with the economic cycle,” EG investment manager, Healthcare, Jason Cheung, said.
Centuria held it for the Healthcare Direct Medical Fund No. 2.
It paid $17.5m on a funds-through basis in 2019.
JLL’s Simon Quinn and Baylee Booth brokered the on sale.
Also this week Centuria settled on the purchase of 680 George St and 50 Goulburn – offices in Sydney’s CBD attached to World Square – for $454m.
That seller was Brookfield.
Subscribe to our newsletter at the bottom of this page.
