Goodman has sold North Ryde’s Binary Centre for $115 million.
The deal, with Melbourne’s Quintessential Equity, is being struck at a 6.7 per cent passing yield.
At 3 Richardson Place, on Lane Cove River’s northern bank, the campus office asset contains two six storey buildings with a combined 17,178 square metres of A-grade area.
There are also 600 car parks, a café and gym.
Seven weeks ago, via the same brokers, Goodman sold an office in the neighbouring Macquarie Park to AEW Capital for $144m – a deal reflecting a 5.1pc return.
Last September the vendor banked $306m trading another commercial investment in that suburb to Singapore’s Keppel REIT.
Binary Centre at North Ryde
The North Ryde property will be held by Quintessential’s Master Fund No 2 – a blind trust seeded in December with a Brisbane factoryette investment (story continues below).
“Located in a growing office hub with a diversified tenant profile, 3 Richardson Pl ticks all the boxes of our buying mandate criteria,” Quintessential executive chairman, Shane Quinn said.
“The commercial site is our largest existing asset to date, demonstrating the strength of our capital and the business’ position as a key market player,” he added.
“After the challenges faced by the office market over the last 12 months, we are so proud to be able to provide swift and secure returns to our investors with this major acquisition,’ according to the executive.
“High occupancy upon purchase has meant distributions will be experienced immediately following a patient wait by our investors while we found the right asset”.
The suburb is about 15 kilometres north west of Sydney.
Businesses based in the pocket include 3M, CSIRO, CSR, Datacom, Honeywell, Oracle and Rexel Australia.
Three Richardson Pl occupiers include Pronto Software and the City of Ryde – each which have naming rights – with SAGE Automation and Progility Technologies.