NSW Healthcare Asset Portfolio Comes to Market

Six healthcare assets in New South Wales have come to market as interest in the sector stays strong.

The PRP Diagnostic Imaging portfolio comprises assets at Wollongong, Tuggerah, Denistone, Maitland, Blacktown and Charlestown, offering a suite of essential-service healthcare investments with strong annual rent reviews and long net leases to one of Australia’s leading radiology operators.

Burgess Rawson from CBRE listing agents Yosh Mendis, Geoff Sinclair and Darren Beehag are steering the campaign.

Mendis, a senior director at Burgess Rawson from CBRE, said healthcare assets remained a standout performer, offering investors long-term security and resilience in a changing market.

“We’re seeing continued demand for properties backed by national operators and essential services, particularly when they’re strategically located,” he said.

All six properties are leased to PRP Diagnostic Imaging, which operates more than 32 centres and services more than a million patients annually, with significant capital invested in MRI and radiology infrastructure at each site.

PRP is owned by IFM Investors and UniSuper, with $381 billion combined funds under management, underscoring the covenant strength supporting the leases.

Wollongong, Tuggerah, Denistone and Maitland will be offered at a Burgess Rawson from CBRE portfolio auction at the Sydney Opera House on September 17 while Blacktown and Charlestown are being sold through an exclusive expressions of interest campaign.

At Wollongong, the asset at 34–36 Kenny Street offers a net income of $420,226 per annum on an longstanding net lease to 2028 with a further five‑year option to 2033, the agents said.

The lease provides annual reviews to the greater of CPI or 4 per cent, and the tenant pays outgoings under a landlord‑friendly net structure.

The property is a two-level, 721sq m medical imaging facility on a prominent 1603sq m CBD freehold site. It features on‑site parking and is near to Wollongong’s public and private hospitals, attributes that support both patient demand and long‑term occupancy.

The Tuggerah asset at 152–156 Pacific Highway is a 710sq m imaging facility on a net lease to April 2027 with one five‑year option to 2032, delivering a net income of $212,452 per annum.

The Denistone asset at 245 Ryedale Road is next to the $526.8-million Ryde Hospital redevelopment and is underpinned by an 18‑year net lease to February 2029 with a five‑year option to 2034, returning a net income of $344,963 per annum.

▲ The Denistone asset neighbours Ryde Hospital.

Rounding out the PRP auction portfolio, the asset at 262 High Street, Maitland offers a renewed 10‑year net lease to December 2034 with a five‑year option, on a well‑presented 930sq m facility.

The investment produces a net income of $286,700 per annum.

At Blacktown, the new purpose-built 1742sq m medical facility is on a 1194sq m site, which neighbours the Blacktown Hospital.

Anchored by PRP Diagnostic Imaging and supported by Blacktown Dermatology, Rehab Pro, and Panorama GP and Medical Centre, the centre has 100 basement parking spaces and modern healthcare design.

The agents said it provided secure net-leased income and benefits from the rapid population growth and expanding medical infrastructure in Western Sydney. It has a net annual rental of $970,990.

And the Charlestown asset at 95 Pacific Highway is a 3240sq m multi-level centre on a prominent 1704sq m corner site within Charlestown’s expanding medical precinct.

Anchored by PRP Diagnostic Imaging, Hunter Coast Dermatology and Laser and Allianz, the centre benefits from a strategic position next to the new Charlestown Health Hub and opposite Charlestown Square, a retail centre attracting over 10 million visitors annually.

It has undercover parking for 62 cars and holds value-add potential within a mixed-use zoning framework. Net annual rental is about $1.78 million.

Across the properties, the common threads are compounding indexed and fixed rental growth, net leases with tenant‑paid outgoings, and critical high specification medical infrastructure occupied by a nationally scaled radiology operator, the agents said.

Sinclair said that for investors seeking reliable income underpinned by non-discretionary and essential service tenants, the PRP Medical Imaging portfolio provided “an appealing opportunity to secure a range of medical investments in proven healthcare locations, all at differing price points”.