EG has acquired 375A–377 Concord Road, Concord West — a specialised medical property distinguished by a purpose-built radiation oncology bunker.
Built in 2019, the 959sqm building comprises medical consulting rooms above a basement bunker. It is fully leased and sits approximately 500m from Concord Hospital, 13km west of the Sydney CBD.
The bunker accommodates radiation oncology and diagnostic imaging services: specialised, infrastructure-intensive uses that require purpose-built improvements, regulatory approvals and proximity to major hospital campuses. Once built, infrastructure of this nature is effectively immovable.
“We look for assets that are difficult to build, difficult to license and difficult to replace, serving demand that does not move with the economic cycle,” said Jason Cheung, Investment Manager for Healthcare at EG.
Demand for diagnostic imaging and cancer is being driven by a growing and ageing population. That makes it structural rather than cyclical, and less exposed to interest rates and consumer sentiment than other real estate categories.
Government funding is moving in the same direction. A policy shift towards greater funding for preventative care, coupled with a significant increase in funding for both radiation oncology and diagnostic imaging services, is expected to support continued demand for the very services this building was designed to house.
The acquisition was led by Jason Cheung, Sean Fleming, Shay Ramalingam, and Brad Hazzard of EG’s healthcare team, with real estate agents Simon Quinn and Baylee Booth of JLL facilitating the transaction.
Concord West extends EG’s approach into more specialised clinical infrastructure, where regulatory complexity, capital intensity and hospital adjacency together create a materially higher barrier to entry.
“EG continues to source and deliver strong, stable returns for our investors, with capital upside, by utilising the capabilities of our healthcare team to outperform the market,” said Rodney Walt, Head of Private Wealth at EG. “It was great to see the strength of investor demand for this opportunity, with the required equity secured within 48 hours.”
As EG continues to expand its healthcare footprint, the focus remains on high-quality assets in strategic locations, tenanted by trusted operators, where the underlying demand is essential rather than discretionary.