Fund managers trade $102m industrial estate
EXCLUSIVE
ESR has sold a multi-building business park picked up with its takeover of Propertylink in late 2018.
The 5.8 hectare estate at 7-15 Gundah Road, Mount Kuring-gai, is collecting $101.8 million from Arrow Capital Partners.
With 33,844 square metres of office and warehouses in four structures, leased to multiple tenants, the asset will be held by the Sydney based manager’s Australian Strategic Industrial Real Estate (or SIRE) fund.
Propertylink paid $44.25m in December, 2014.
Two years later, it also added improvements, including a 1435 sqm office/warehouses leased to Australia Post in 2016 for a rent of $125 per sqm, per annum.
In June, 2017, months before a property peak, the fully leased investment was valued at $57m.
“The [Gundah Rd] asset is situated in a land constrained market with limited supply,” an Arrow spokesperson said (story continues below).
“[It also] benefits from immediate proximity to the M1 Pacific Motorway and the Sydney Orbital network via the NorthConnex tunnel which provides easy access to the Sydney and Central Coast population catchment,” they added.
Mount Kuring-gai is 31 kilometres north west of Sydney’s CBD.
The deal – the largest standalone industrial asset to trade in Australia this year – comes three months since Centuria acquired a one hectare warehouse in the city’s Wetherill Park for a counter-cyclical fund backed by a $50m mandate.
Cushman & Wakefield’s Carl Pearce, Nick Brooks and Alistair Siokos were the agents.
More to come.
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