Government buys police station from landlord
Property and Development NSW, which manages the state’s real estate portfolio, has snapped up a suburban Sydney police station from landlord, EG Funds.
The government paid $29.13 million for 965 Botany Road, Rosebery, operating as the Mascot Police Station since 2009.
A lease term expired this year – but was renewed. The weighted average lease expiry when it was listed in June was 5.5 years.
The annual income was $1,328,244 with a review next year.
The property is land tax exempt too.
EG turns profit
The property has previously been owned by late businessman Lang Walker.
EG bought it for $19.25m in April, 2020 – for an ethical investment fund, the High Income Sustainable Office Trust.
With 2888 square metres, it carries a 5.5-star NABERS rating.
The 4152 sqm site, with 98 metres road frontage, is about nine kilometres south of town.
It has development upside, with an improvement of c8,304 sqm able to be considered.
Outcomes could include commercial, residential or both.
Colliers’ Matthew Meynell and Justin Rosenberg were the agents.
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