A 26.39% stake in The Specialist Medical Centre in Sydney’s Westmead, otherwise known as The Skin & Cancer Foundation, has been sold for $8 million. 

The stake in the Specialist Medical Centre includes 1,611sq m, consisting of a three-level freestanding  building at 7 Ashley Lane, predominantly leased to long-established tenant The Skin Hospital, as well  as adjoining suites 203 and 204 in the neighbouring strata-titled building at 151 Hawkesbury Road. 

The Skin & Cancer Foundation trading as The Skin Hospital is a leading facility in Australia for  dermatological clinical services, Mohs Skin cancer, education, research and clinical trials. It is the  leading teaching facility for dermatology registrars and domestically and internationally recognised for  its clinical trials and research facility. 

It is located within the strata-titled Specialist Medical Centre, which occupies a keystone 3,279sqm  land parcel opposite Charter Hall’s new Innovation Quarter (iQ) development and adjacent to the Westmead Health and Innovation District, one of Australia’s largest medical, education and biomedical  research precincts. 

The 26.39% stake in The Specialist Medical Centre was acquired by a local private high-net-worth investor in a deal negotiated by Sam Biggins and Jessen O’Sullivan of Knight Frank, working alongside Archerfield Property Group as Transaction Advisors. 

It was sold by the Skin & Cancer Foundation, a non-profit teaching hospital that will recycle the capital  into their core clinical and teaching faculties as part of its growth trajectory over the coming years. It  will also allow investment into its facilities in Western Sydney which remains a core strategic location  to ensure ongoing servicing of patient needs in this key region of NSW. 

The sale included a leaseback in place to The Skin Hospital with a proposed first year net income of  $641,832, with the suites in 151 Hawkesbury Road currently vacant. 

Mr Biggins said the buyer was attracted to the opportunity to acquire a negative control position in the  strata scheme at a time when healthcare assets are becoming increasingly sought after. 

‘’Our client saw an opportunity to recycle capital through a sale and leaseback to reinvest into their  core area of focus, being a leading organisation for clinical procedures and research into preventing  Skin Cancer and other dermatological concerns,” he said. 

“This will enable our client to upgrade clinical capacity and equipment whilst also securing their long term real estate needs.

“With a sale and leaseback in place, this is a secure investment providing significant income from a  long-established healthcare tenant. 

“The asset offered abundant investment and future potential development opportunity, especially given  its location adjacent to the Westmead Health and Innovation District. 

“The defensive nature of high-performing healthcare assets are attracting significant volumes of new to-sector capital, both private and syndicator-led. We expect to see this profile of investors remain active  throughout 2025, particularly in the sub-$20m price range.” 

Mr O’Sullivan said the stake in the Specialist Medical Centre was an opportunity to secure a sizeable  piece of a strategic holding in a premier medical strata asset in a key Sydney location. 

“There is significant redevelopment potential for the future, with the underlying parcel being well connected,” he said. 

“The 26.39% per cent strata stake represents a strategic holding in the Specialist Medical Centre  strata scheme, particularly in the context of the New South Wales Strata Schemes Development Act  2015 which requires agreement of 75% of owners to commence the strata renewal or redevelopment  process. 

“The buyer may seek to build on their ownership and amalgamate further holdings in the building in time. 

“The site is in an employment hub and adjoins the Westmead Light Rail station, as well as being 200  metres from the Westmead Train Station and 250 metres from the proposed Future Metro Station.” 

Knight Frank are currently advising on a number of potential capital recycling programs with faith based and non-profit groups who are seeking to redeploy the proceeds into mission-aligned, core  service delivery areas. 

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