Commercial, Health, Aged Care and retirement property sector update
Welcome to the Q3 edition of the Commercial Collection, highlighting the latest range of commercial and industrial property opportunities we have on offer.
Recent months have seen some exciting changes for Commercial Collective with the move to our new office at 10 Newcomen Street, Newcastle having been successfully completed. The new office space has also allowed us to create a bespoke auction space for our clients who wish to attend face to face and provides us with room to continue supporting the growth of our business.
The Health, Aged Care and Retirement sector continues to see strong activity with demand for established facilities stabilizing overall. As a specialist in this sector, we are seeing a mixed approach with some operators not engaging in acquisitions currently whilst numerous others are actively purchasing new facilities.
With the continuing protection of bed licenses, greenfield development appetite is strong, as well as metro and large satellite cities like Newcastle, being highly sought after. Whilst sale and/or lease back on residential aged care has new entrants and is a reemerging market, the most desirable facilities are those that have single bedrooms with ensuite.
Newcastle was also ranked as the top tourism town in NSW and as the largest regional economy in Australia coming from the Hunter region, it’s easy to see how the city is developing into a highly sought-after market.
Savvy investors and developers are entering into the Newcastle and Hunter region ahead of the large growth to the area, leading to much activity, particularly in the CBD and in the industrial areas of the Hunter.
Newcastle’s stable and resilient economy is bolstered by a range of diverse markets, especially with the local sectors of coal, manufacturing, and health. This combination solidifies the city’s reputation as one of Australia’s most dependable economic hubs.
Our experienced sales and leasing team are always happy to discuss any questions you have about the commercial and industrial market and the opportunities available to you.