Vital Healthcare Property Trust, controlled by NorthWest Healthcare Properties, has acquired a A$76.6m (€48m) site in Sydney’s West for a medical precinct in partnership with a local government.
In the first phase, Vital Healthcare will develop a treatment centre for cancer care provider GenesisCare.
GenesisCare is committed to a long term lease for an initial term of 15 years with fixed annual rental increases.
Northwest‘s senior vice president, precincts, Alex Belcastro, said the project further expanded the company’s long-held partnership with GenesisCare and would importantly service demand for healthcare services in this South West Sydney growth corridor.
She said that on completion of the first project, Northwest looked forward to developing long-term plans for a state-of-the-art healthcare precinct, where NorthWest would seek to combine complementary health services - after obtaining the required level of tenant pre-commitment.
The Mayor of Campbelltown, George Greiss, said the project would be a cornerstone facility as part the local government’s health and education precinct, “providing critical health services to communities across our city and the broader region”.
Development is expected to occur in three stages, which will eventually offer some 32,000sqm of floor space for medical services.
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