Castlerock offloads Sale GovHub
Castlerock has offloaded a federal and state government backed building, at Sale, for $11.6 million.
The result for 146-154 York Street reflects a 5.4 per cent net yield.
The single-storey, recently renovated 1191 square metre office is occupied by Centrelink, which is on a seven year lease, and Australia Post (five years).
On 4404 sqm, it also contains 44 car parks.
Stonebridge’s Rorey James, Kevin Tong and Justin Dowers acted for Castlerock, which paid $3.53m at an 11pc yield in 2009.
The same agents, with colleague Nic Hage, recently represented the group to sell the Spotlight Plaza – a block from 146-154 York St – for $4.55m.
Both properties traded to Chinese investors (story continues below).
Castlerock investing in bigger assets
Melbourne based Castlerock retains about 35 assets worth a total of c$500m.
Some 24 are in two funds – Auslink Property Trust No 1 and No 2 – dedicated to government backed investments.
In June, the fund manager paid Cromwell Property Group $145.2m for Ipswich’s 17-storey Icon building – fully occupied by the Queensland government.
Fourteen months ago Castlerock spent $57m on a Wollongong office majority leased to the Australian Taxation Office.
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