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NorthWest Healthcare Properties acquires ~28,000 sqm site in South West Sydney to build a leading healthcare precinct in a staged development

Artist's impression of ~$52 million, four-storey world-class integrated cancer centre and research hub

Melbourne, Australia: NorthWest Healthcare Properties Management (“NorthWest”), through its NZX-listed fund, Vital Healthcare Property Trust, today announced its acquisition of 27,840 sqm of leasehold land in Campbelltown in South West Sydney. The land provides an attractive opportunity to develop a significant healthcare precinct in partnership with the landowner, Campbelltown City Council, with a total initial investment of $76.6 million1.

NorthWest is Australia and New Zealand’s largest owner and manager of healthcare property and specialises in the development of market-leading healthcare precincts, with plans to undertake a multi-stage precinct development at this key Campbelltown site.

Today, NorthWest is pleased to announce the first stage of development being a ~$52 million, four-storey world-class integrated cancer centre and research hub on 4,473 sqm of the site, or 16% of the land acquired. The building will have 2,713 sqm of net lettable area. The cancer centre will be operated by GenesisCare, a long-term partner of NorthWest, with construction set to commence in the first quarter of 2022 and expected to be complete by mid-2023. GenesisCare is partnering with local specialists, a diagnostic imaging provider and a pathology provider to deliver a fully integrated cancer service to patients. The first stage development will also include 65 on-grade car parking spaces.

The remaining 23,367 sqm of land acquired offers a valuable long-term opportunity for NorthWest to develop a staged market-leading healthcare precinct offering the best available medical services and expertise to the South West Sydney community. Current master planning across the entire site is for 32,000 sqm of gross floor area plus associated car parking.

Senior Vice President Precincts, for NorthWest, Ms. Alex Belcastro, said: “We are thrilled to announce this acquisition and the start of stage one being a comprehensive, integrated cancer centre. This further expands our long-held partnership with GenesisCare and will importantly service the demand for healthcare services in this South West Sydney growth corridor.

“The opportunity to secure a site in the heart of Campbelltown, one of the fastest growing cities in Australia, around 50km south-west of the Sydney CBD and 20km south-west of Liverpool, was a strategic priority for NorthWest. There is already an underservicing of private healthcare facilities in this region.

“Through our site development plan, we will work with our partners Council and GenesisCare to first deliver a market-leading cancer centre which will commence construction shortly. We look forward to then developing long-term plans for a state-of-the-art healthcare precinct, where NorthWest will look to combine complementary health services, once we have obtained the required level of tenant precommitment.

“The site we have acquired on which the healthcare precinct would be developed, adjacent to the cancer centre, is likely the only healthcare development opportunity remaining in Campbelltown, and we look forward to bringing together the best healthcare providers to improve and expand the delivery of health services to South West Sydney,” Ms. Belcastro said.

A core expertise of NorthWest’s business is in sourcing, planning and delivering market-leading healthcare precincts that service critical community needs on a large scale. The Campbelltown site, a high-profile site in a central location with proximity to Western Sydney University, the Campbelltown CBD and by mid-2023, the new cancer centre operated by GenesisCare, will maximise the value of the healthcare services offered to the broader community.

Development Consent has been granted for the four-storey cancer centre.

Mayor of Campbelltown, Cr. George Greiss, said: “We are excited to see this important project take another step towards construction. This will be a cornerstone facility as part our health and education precinct, providing critical health services to communities across our city and the broader region.

“This development is a significant investment in Campbelltown that will contribute to the ongoing growth of our city centre and stimulate the economy through the creation of additional jobs, both during the construction phase and in the long-term health care professional sector.”

General Manager for GenesisCare in NSW, Fergus Rourke, said: “We are excited to be extending our long-standing partnership with the NorthWest-managed Vital Healthcare Property Trust to deliver this critical service to patients from across South West Sydney and the Southern Highlands.

“South West Sydney is one of the fastest growing corridors in NSW and it is absolutely critical that we invest in the right healthcare infrastructure to ensure the needs of cancer patients are met now and in the future.

“Our integrated cancer centre and research hub will provide patients access to radiation oncology, medical oncology, allied health and wellness services, all in one convenient location, as well as diagnostic imaging and pathology operated by trusted partners.

“The centre will also have a strong focus on clinical trials and will provide patients access to the latest state-of-the-art equipment and treatment advances,” said Mr. Rourke.

Including development rights, stage 1 development fund-through and tenant incentive, but excluding transaction costs.