Case Study
Property NSW had a long-term 15-year lease that expired in early 2024.
We identified the potential vacancy risk more than a year before the lease expired.
We identified the best way to unlock value for investors – a new medical centre servicing long-term demand in the local area.
We started engaging with consultants six months before the tenant left to complete planning and development approval so we could start construction without delay.
Construction has been completed on schedule, with the first tenants and occupiers now moving in. Leasing campaigns for the remaining suites are currently underway.
| ADDRESS | 8 Elsie Street, Burwood, NSW, 2134 |
|---|---|
| TENANTS | MyHealth Medical Centre |
| OCCUPANCY | 31% |
| WALE | 10.5 yrs |
|---|---|
| NLA | 6,400 sqm |
| SITE AREA | 1,785 sqm |
| CAR SPACES | 53 car spaces |
*Exclusive of strata portion of the asset
Burwood has over 40,000 residents, with Healthcare and Social Assistance the largest employment sector. There are 18 aged care facilities within a 2km radius, making the suburb ideal for a medical centre development.
Australia’s 65+ population is set to grow at 3.1% per year over the next decade. Elsie St is strategically positioned to serve Burwood, one of Sydney’s highest-density suburbs, meeting this rising demand.
The transformation of 8 Elsie St into a medical precinct reduces long-term vacancy risks and repositions the asset for sustained growth. The medical precinct is set to unlock significant value by leveraging long-term trends through its unique healthcare offering and optimised tenant covenants.
Burwood, 12km west of Sydney CBD, connects Western Sydney, South Sydney, North Shore and Eastern Suburbs. The Metro West line is set to open in 2032, positioning Burwood as a central hub for professionals and patients across Greater Sydney.
8 Elsie St’s conversion into a medical precinct will address a critical gap in Burwood’s healthcare infrastructure by establishing the region’s premier medical hub, offering high-quality, purpose-built medical suites, anchored by one of Australia’s leading GP clinics, MyHealth.
Real Asset Management Pty Limited ACN 162 123 408 AFSL 484263
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