Asset managers trade life sciences facility
Australian Unity has sold a Lower North Shore medical technology, logistics and life sciences facility after 12 years.
The three level, 10,595 square metre asset, 8 Herbert Street, carried a book value of $61 million in June.
It was last professionally appraised the year earlier, at $62.07m, assuming a 6.75 per cent capitalisation rate.
About 5.5pc is vacant.
The weighted average lease expiry is just over three years; the Royal College of Pathologists of Australasia Quality Assurance and Stryker, for it South Pacific headquarters, are amongst the tenants.
Also with a basement car park, the property is walking distance to the Royal North Shore Hospital precinct.
Real Asset Management is the buyer.
Second time luckier
AU paid $38.5m for 8 Herbert St.
It unsuccessfully tried to sell in 2021.
The eventual sale was brokered by different agents: Stanton Hillier Parker’s Chris Veitch and Bevan Kenny, with JLL.
Five months ago we reported AU sold an Adelaide medical centre from the Healthcare Property Trust, for c$9.65m.
It outlaid $8.8m for that property in 2018.
Earlier this year the asset manager shed an investment in Perth’s ritzy Osborne Park from the same fund.
Charter Hall was that buyer, for $47m, against a $48.1m book value.
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