FKP managed fund asset 18 – 24 Chandos Street at St Leonards has sold for $7.6 million after being refurbished and fully leased.
The building has been sold in line with a strategy, which involves returning liquidity to FKP and other investors, in funds which have maximised their value.
As part of a new phase of growth for the funds business, FKP is exploring new development opportunities from its existing commercial asset base.
The Core Plus Two asset, was purchased at the beginning of 2008 and then comprehensively modernised and refurbished. More recently the three level building, which is near the St Leonard’s railway station, became 100 per cent leased.
Executive General Manager Commercial and Industrial Andrew Hall said a newly refurbished office building, secured by quality tenants, is an attractive purchase for the right buyer.
“The sale is testament to the hard work and leasing success achieved over the past six months and reaffirms the team’s vision for the asset, which was well received in the market place.”
“The sale is another important step forward in the growth of the FKP funds management platform,” he said.