Australian Unity sells Rockdale bulky goods investment for $22 million

Australian Unity has sold a bulky goods investment in Sydney’s Rockdale for $22 million.

The sale price is well over the $17.4 million book value AU attached to the property just prior to listing.

Settlement is expected in mid January, 2019.

The site at 395 West Botany Street (pictured, top) spreads across 7206 square metres of land and includes 123 car parks and a 3816 sqm building fully leased to two tenants: Fitness First and Repco.

Based on the asset’s annual rental return of $1.45 million, it is trading on a passing yield of 6.6 per cent.

Colliers International’s Michael Crombie, Trent Gallagher and Harry Bui were the exclusive marketing agents.

The deal comes in the same week Australian Unity’s Healthcare Property Trust paid $22.5 million for the Western Hospital in Adelaide’s Henley Beach. AU plans to carry out a $6 million expansion of this medical building.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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