Sixty suites that make up one of Australia’s biggest medical consulting complexes have sold for a combined $55 million.
The suites—all sold individually—make up the Parkway San Clinic at the corner of Fox Valley Road and Comenarra Parkway, Wahroonga, about 20km north-west of Sydney’s centre.
Construction of the clinic, which has three buildings and underground parking for 250 vehicles, finished just before the pandemic.
The complex is part of the nearby Sydney Adventist Hospital, or San, that dates to 1903.
Today the San is Sydney’s biggest single-campus private hospital, and includes about 700 beds, 23 operating theatres, three cardiac catheterisation laboratories, an emergency department, and a full suite of diagnostic facilities.
Health Property and Precincts sales agent Phillip Apelbaum said most of the suites—of between 50 and 124sq m—were purchased by medical and dental professionals intending to occupy the spaces.
Some adjoining suites were acquired together to create bigger spaces, and five suites were retained by the owner-developer.
“The success of this development resulted from careful pre-planning over two years prior to construction commencing,” Apelbaum said.
“Every aspect of the development, from design and marketing initiatives directly targeting preferred occupiers to structuring the legal framework with which they were sold, was carefully considered.”
He said prices for the suites had risen steadily, eventually reaching about $11,500 a square metre.
Affiliated with the Australian National University, the San employs about 2300 people, including 1000 accredited medical specialists.
