Northern Beaches Hospital’s dedicated parking lot – which last year generated more than $3.55 million in revenue – has some up for sale through an expressions of interest campaign set to close at the end of September.
The 1,389-bay car park on Frenchs Forest Rd in Frenchs Forest was built in 2018 to service the adjacent 494-bed public hospital. The hospital attracts more than 2,000 patients, staff and visitors a day.
Users are charged about $11 an hour to park their car there, up to about $23 a day.
The car park generated $3.55 million in revenue in FY2025 and has 32 years remaining on its operating tenure to October 2058. No price guide has been released for the sale.
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The lot is for sale via an expressions of interest campaign that closes 24 September.
The freestanding car park has six upper levels, rooftop parking, ground-level parking and two basement levels.
A further 41 bays are excluded from the Car Park Management Deed and do not transfer as part of the sale. The parking lot is open 24 hours a day.
Matthew Meynell, director of capital markets at listing agency Colliers, who is managing the sale, said it was a “rare” opportunity, noting the lot had never been offered up for sale before.
“(It) offers investors a combination of long-term income and genuine upside,” he said.
“The planned expansion of hospital activity to support the health needs of the local community provides an additional structural driver for parking demand over the long term.”
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Northern Beaches Hospital is servicing a growing community.
Northern Beaches Hospital serves a primary catchment of more than 270,000 residents and attracts approximately 730,000 visits annually. More than 1,900 staff are employed at the facility.
Under a novated deed with NSW Health, the car park will remain open and accessible to all patients, staff and visitors.
Parking fees are set in line with NSW Health’s Hospital Car Parking Fees Policy. Staff will continue to receive discounted parking, with concessional parking available to patients and visitors.
The car park is positioned within the Frenchs Forest Strategic Centre, a NSW Government priority growth precinct.
The parking lot generated $3.55m in revenue last year.
The precinct is anchored by the hospital and there are plans to accommodate new housing, employment and supporting infrastructure.
Approximately 5,360 new dwellings and 2,300 additional jobs are proposed across the broader precinct over approximately 20 years.
The Northern Beaches catchment is forecast to grow from approximately 274,000 residents in 2026 to almost 300,000 by 2046.
Colliers associate director of capital markets Catherine Scott said demand for parking was likely to grow.
“Frenchs Forest is undergoing a significant transformation,” she said. “That growth is important for this asset because its demand is fundamentally linked to people accessing the hospital.”
She added that a new owner could potentially boost the site by expanding parking capacity on a “currently underutilisted” rooftop.