Asset manager doubles down in Penrith
ME Investments – established by Marcel Elias, for 18 years until 2022 the owner of the country’s most successful LJ Hooker Commercial office – has picked up two Penrith investments.
In the biggest deal, the private asset manager is paying $10 million – a 4.2 per cent yield – for 17-20 Altair Place, Jamistontown.
On 6606 square metres it contains a 3124 sqm office/warehouse covering 47pc of the block.
Also with a 406 sqm awning it is leased until next December with a three year option.
CBRE’s John Micallef and Moshe Greengarten brokered the off-market sale.
“We look forward to adding further value to the estate over time,” Mr Elias said.
White Lady backed office
Meanwhile ME is purchasing a freestanding, heritage-listed office at 219-221 High St, Penrith.
Leased to Invocare Australia, trading as White Lady Funerals – which has occupied over 20 years – the deal is speculated to be worth about $1.2 million, which would reflect a seven per cent net passing yield.
On 651 sqm also facing Anderson Lane, near a McDonald’s, it contains 225 over two floors.
The occupier can stay until 2031 with options.
After that, the property could have development upside, including with residential, being zoned MU1.
Shatford Commercial’s Gavin Shatford was the agent following a public marketing campaign.
Penrith is about 55 kilometres west of Sydney’s CBD.
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