An Elanor Investors Group (ENN) syndicate has sold the Belconnen Markets car park prior to the close of an expressions of interest campaign.
The 6049 square metre site, 14 Ibbott Lane, is collecting $14 million from a Sydney developer.
Residential and commercial buildings of between 10 and 16 levels could be considered; the block has significant Benjamin Way frontage and is near Belconnen Way – a major east-west thoroughfare.
The zoning also allows for a medical centre, childcare complex and retail.
Savills’ Andrew Stewart and James Girvan brokered the sale with a delayed settlement, allowing the purchaser to secure development approvals.
The deal comes less than a month since ENN paid $12m for a suburban Perth medical centre – the fifth asset for its Healthcare Retail Trust.
Last November, the manager spent $80.2m on neighbouring Ipswich offices to seed the Burke Street Fund.
Also seven months ago the group, which is renowned for value-adding and repositioning, sold a revamped west Sydney shopping centre – Auburn Central – to SCA Property Group for $129.5m.
That asset, held by the Elanor Retail Property Fund, cost $68m in 2015 (story continues below).
ENN picked up the Ibbott Ln car park in 2018 – it formed part of a three hectare amalgamation, also including the Belconnen Markets, which cost $43.75m.
Two years ago the manager obtained permission for a $100m revitalisation of the main complex – adding a 146-bay basement car park, as well as 3750 sqm of lettable retail area.
“This sale is in line with Elanor’s strategy to reposition the iconic, but dated, Belconnen Markets into a modern, vibrant mixed-use precinct,” ENN co-head of Real Estate, Michael Baliva, said.
“Since completing the precinct’s new large format project in late 2020, introducing Chemist Warehouse and Petbarn as the first stage, we are looking forward to commencing construction of the new ‘Capital Food Market’ in the near future”.
Belconnen is about seven kilometres north west of Parliament House.
More to come.