BlackRock, Wentworth drop $200m for Sydney business park
BlackRock and Wentworth Capital have bought a third property for a $1.5 billion Life Sciences platform announced last year.
The 6.56 hectare complex, 5-11 and 14 Julius Avenue, North Ryde, is costing c$200 million from Aqualand.
With 21 buildings developed between 1952-2006, it contains 35,571 square metres – a mix of laboratories, auditoriums, offices, specialist food testing areas, storage and warehousing, including for refrigerated products.
A four hectare tract is available for immediate development – expected to accommodate clinical trial space targeting government and private pharmaceutical occupiers.
BlackRock and Wentworth have established an operating platform – Area 53 – for its life science product.
BlackRock, Wentworth make it three
The government occupies just over two thirds of the North Ryde complex, part of the Connect Macquarie Park Innovation Precinct, including for the CSIRO which has occupied since new.
About 12,000 sqm of space is fitted for laboratories.
Vacancy for the entire complex is five per cent.
The deal comes nine months since pair bought a Red Cross blood processing facility at 17 O’Riordon Street, Alexandria and a Macquarie Park laboratory, 37 Epping Road, as seed assets for the platform.
The seller of both those properties was Charter Hall.
Wentworth also behind a $500m life sciences hub at the University of Sydney, which could be slotted into this entity.
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