A brand new purpose-built medical facility in Blacktown anchored by PRP Diagnostic Imaging has sold for $19.55 million, marking one of the sharpest yields recorded for a medical asset in the current market at 4.97 per cent.
The sale was facilitated by Burgess Rawson from CBRE listing agents Yosh Mendis, Geoff Sinclair and Darren Beehag as part of their Portfolio 179 campaign.
Yosh Mendis, Senior Director at Burgess Rawson from CBRE, described the transaction as a landmark sale that demonstrates the ongoing strength and appetite for premium healthcare investments.
“This is a benchmark sale that reflects the incredibly strong demand for institutional-grade medical assets.
“The result represents one of the sharpest yields we’ve seen for a medical asset of this price point and calibre, underscoring how investors continue to recognise the value in essential healthcare infrastructure backed by quality covenants and strategic locations,” Mr Mendis said.
The 1,742 square metre medical facility sits on a 1,194 square metre site immediately adjacent to Blacktown Hospital. Anchored by PRP Diagnostic Imaging and supported by Blacktown Dermatology, Rehab Pro, and Panorama GP & Medical Centre, the centre offers 100 basement parking spaces and contemporary healthcare design.
The investment delivers a net annual rental of $970,990 + GST with secure net lease structures across all tenancies. PRP Diagnostic Imaging, a sector leader operating more than 32 imaging centres nationally and servicing over one million patients annually, has made significant capital investment in MRI, CT, PET scan and radiology infrastructure at the site.
PRP is owned by IFM Investors and UniSuper, which together manage $381 billion in funds under management, providing exceptional covenant strength underpinning the lease.
The property benefits from rapid population growth and expanding medical infrastructure throughout Western Sydney, positioning it within one of Australia’s fastest-growing healthcare corridors.
Geoff Sinclair added that the sale reflects broader market trends showing resilient demand for non-discretionary healthcare assets with long-term income security.
“Healthcare properties continue to stand out as a defensive asset class, particularly when they’re purpose-built, strategically located in optimal healthcare precincts, while underpinned by leading specialist providers,” he said.
“PRP Blacktown offered a robust investment opportunity exhibiting significant depreciation and replacement value rarely available in the current market.”
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