Asset managers trade Sydney business park
Wentworth Capital has added a major investment to an opportunity fund launched last September.
The asset manager is paying $152.1 million for the 5.13 hectare Rydalmere Metro Centre (pictured, top), west of Sydney.
Dexus was the seller, for the $12.9 billion Wholesale Property Fund.
CBRE’s Jason Edge and Shaun Timbrell with JLL’s Ben Hegerty and Joel Scully listed it April.
Rydalmere Metro Centre
Covering 38-46 South Street and 2-4 Park Road, Rydalmere Metro Centre contains 40,045 square metres with 30 tenancies in two connected office/warehouses.
Fully occupied, the weighted average lease expiry by income is 2.7 years.
Based on the potential net rent – $10.685m pa – the market yield is seven per cent.
The property was marketed for its development upside, able to accommodate multi-level product, or ability to derive additional income following a revamp.
Wentworth is expected to hold it in an opportunity fund with an initial $350m mandate mooted to grow to c$2b.
The asset manager has also in recent months been populating a Blackrock backed fund aiming to hold $1.5 billion of life science investments.
The deal comes nearly two months since we reported Dexus, for the Wholesale Property Fund, sold Port Melbourne’s Aquatica Business Park to Charlie Buxton’s Cadence Property Group.
Rydalmere – neighbouring Parramatta – is about 20 kilometres from Sydney’s CBD.
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