High-performing GP-anchored medical investment in Adelaide sells for $12.7m
West Medical Hub, a medical centre in Adelaide’s northwest that forms part of a newly developed contemporary mixed-use strata development, has been sold.
12 August 2025
The strata offering comprises levels 1 and 2 of the building at 9 Charles Street in West Lakes, situated directly across from Westfield West Lakes.
It incorporates 2,091sq m of net lettable area consisting of medical and healthcare facilities and consulting suites, as well as 23 car parks.
The property is 95% occupied - It is anchored by large GP practice West Medical Hub, with other complementary tenants including a physiotherapist, fitness studio and dental clinic.
It has a current WALE of 3.71 years by income with a staggered lease expiry profile and a net passing income of $732,388 per year.
The remainder of the strata property is occupied by the City of Charles Sturt who operate a library and community hub, and a small ancillary café which forms part of the property.
West Medical Hub was purchased by a local South Australian private buyer from an institutional investor for $12.7m.
The deal was negotiated following an Expressions of Interest campaign run by Max Frohlich and Sam Biggins of Knight Frank.
Mr Biggins said the asset, situated around 13 kilometres from the Adelaide CBD, had attracted significant investor interest during the sales campaign.
“The successful purchaser has taken an intergenerational view on the investment,” he said.
“The property was sold on a market-leading yield for large medical strata in the current interest rate environment.
“The sale was testament to the demand for modern, high-performing medical assets which are defensive in nature
“There remains significant liquidity in the market for primary care assets across Australia.”
Mr Frohlich said:
“Buyer interest in medical assets in Adelaide is high, particularly from private high-net-worth capital and syndicators based both locally and interstate.
“Further, across all asset classes in South Australia we are seeing private investors securing assets over fund managers or syndicators, particularly given their lower execution risk and their lack of requirement for an equity-raising period.”
Built in 2021, West Medical Hub is a modern building located in an award-winning masterplanned community project by Commercial & General.
It is situated in a prominent and strategic location directly across from Westfield West Lakes, and centrally located to 1,300 residential homes, as well as being a hub for passing pedestrian and vehicular traffic.
