EG picks up Newcastle industrial estate

The 1.14 hectare block is occupied by 14 tenants.

EG, for its Private Wealth division, has spent $7.82 million on a Newcastle industrial investment with development upside.

On a 1.14 hectare B7 Business Park zoned site, 5 Walker Street, Warners Bay, contains 4233 square metres of improvements, occupied by 14 tenants.

The present annual net income is $436,839.

The Weighted Average Lease Expiry is a short 1.8 years.

The acquisition is the fund’s seventh in 12 months.

“EG’s Private Wealth division was launched off the back of high investor demand and has already grown a portfolio of assets totaling $100m in value,” head of the division, Rodney Walt, said (story continues below).

The property is selling at a 5.6 per cent net passing yield.

“We continue to invest in multi-use real estate offering high income yield with strong capital growth potential in important growth corridors,” he added.

The trust which will hold the property closed oversubscribed in three days.

Colliers’ Tim Woolf and Luke Rutledge brokered the deal.

Warners Bay is about 17 kilometres south west of Newcastle.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of