Arthur Laundy pays $33m for Lower North Shore HQ
Arthur Laundy has purchased a Lane Cove office, part of which will dub as the Laundy Hotels headquarters.
The four level building, 71 Longueville Road, cost $33 million following an expressions of interest campaign which closed in November.
Fully leased, it contains 4096 square metres including a ground floor tenancy occupied by Anytime Fitness and A-grade offices.
There are also 113 car parks.
Knight Frank’s Tyler Talbot, Dominic Ong and Graeme Russell with Hartigan Bolt’s Chris Hartigan and David Bolt were the agents; their deal reflects a circa six per cent yield.
It also represents a major windfall for the seller, syndicate Property Bank Australia, which picked it up in 2014 for $13m – a 9.56pc yield – then undertook a refurbishment.
Another windfall for PBA
On 1888 sqm at the north west corner of Birdwood Avenue, 71 Longueville Road was marketed for its development upside (story continues below).
Laundy Hotels is instead expected to move into an upcoming vacant space and, possibly, according to local agency sources, rebrand it.
The deal comes 13 months since PBA offloaded a six storey North Sydney office at 51 Berry St for $61m, or four times what it paid in 2012.
Mr Talbot, Mr Ong and Mr Russell also brokered that transaction.
In late 2020, meanwhile, the same vendor sold the neighbouring 53 Berry St to Western Sydney Wanderers chairman Paul Lederer for $54m – a 4.7pc return and significant rise on the $15.6m it paid Charter Hall in 2013.
The Longueville Road office is opposite the Longueville Hotel which the Campion family sold to Gallagher Hotels last August for $50m.
Lane Cove is nine kilometres north west of Sydney.
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