AMP, KordaMentha sell Macquarie Park blocks

The Waterloo Road property contains 7156 square metres over three floors.

Two major commercial sites in Sydney’s Macquarie Park sold this week.

In the biggest deal, ESR Australia is paying AMP Capital $71 million for a 7156 square metre office/warehouse on 1.5 hectares.

Macquarie University’s School of Engineering part-occupies the three level complex at 44-50 Waterloo Road, which was held by the Diversified Property Fund.

The incoming owner has earmarked a c46,000 sqm business park.

“Over the long term, ESR Australia is planning a staged redevelopment of the site into A-grade office buildings, or adapt the site for data centre use,” chief executive officer, Phil Pearce, said.

“We see business park assets as complementary to our core strategy of logistics and industrial property,” he added.

“We’ve strong capability in the development and management of business park space and are pleased to add this strategic asset to our portfolio”.

CI Australia’s Bevan Kenny and Chris Veitch brokered the deal.

KordaMentha banks $16m from part built block

Meanwhile a couple of hundred metres away, KordaMentha, as liquidator for Starin, has sold a part-built serviced apartment complex for $16m ex-GST (story continues below).

The Lane Cove Road site sold for $6456 per square metre or $101,265 per key.

The 2478 sqm parcel, 388-392 Lane Cove Rd, is approved for a 158-suite guesthouse over 20 levels.

Also with ground floor retail and a 110-bay basement car park, the gross floor area is 7217 sqm.

Savills’ Nick Lower, Tim Grosmann and Andy Hu confirmed the deal this week.

The property previously sold for $6m in 2013.

Macquarie Park is Sydney’s third largest commercial precinct.

ESR added it is the city’s strongest suburban office market.

Last week we reported Goodman sold its third major investment in the area since September.

More to come.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco