Vital Advances Stage 2 of Macarthur Health Precinct
30/06/2026 14:24 NZST, MKTUPDTE
Vital Healthcare Property Trust (Vital) is pleased to announce Stage 2 of the Macarthur Health Precinct (Campbelltown, NSW), representing a significant step in the continued development of the precinct, following the successful delivery of Stage 1 in 2024.
Stage 2 will include an incremental development of A$99.3m (total project cost of A$112.2m*), to deliver a short stay surgical hospital and medical outpatient building. Targeting a 5 Star Green Star rating**, this six-storey building is designed to provide more than 9,000 sqm of net lettable area.
Vital has secured binding lease precommitments for ~35% of the estimated fully leased net income and currently forecasts the project will deliver a fully let net yield on cost of approximately 6.4%.
Ramsay Health Care will anchor Stage 2, delivering a short stay surgical hospital and other tenants committed to Stage 2 include:
• Sonic Healthcare, which is expected to establish a pathology collection centre and laboratory facility; and
• Lumus Imaging, which will expand their footprint in the precinct, following their successful integration in Stage 1.
The commitment from industry leading healthcare providers reinforces the precinct’s integrated healthcare model, following Vital’s delivery of the A$45.5m*** GenesisCare Integrated Cancer & Health Centre in March 2024. The Stage 2 development reflects continued progress in Vital’s strategy to develop and replenish its healthcare property portfolio through targeted, high-quality investment. The project will be funded utilising available lines of credit and Vital’s active capital recycling opportunities.
Construction of Stage 2 is expected to commence in mid-2026 with completion targeted for early 2028.
*Includes ~A$26.4m development rights, holding costs and preliminaries already incurred, plus tenant incentives, leasing and downtime to achieve full building occupancy.
**Registered under the Green Building Council of Australia (GBCA) Buildings v1 rating tool.
***31 March 2026 valuation
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ENQUIRIES
Chris Adams
Chief Executive Officer, Vital Healthcare Properties Management Limited
Tel +61 408 665 332, Email chris.adams@vhpt.co.nz
Michael Groth
Chief Financial Officer, Vital Healthcare Properties Management Limited
Tel +61 409 936 104, Email michael.groth@vhpt.co.nz
Jarrod Gill
Head of Investor Relations, Vital Healthcare Properties Management Limited
Tel +61 408 612 998, Email jarrod.gill@vhpt.co.nz