KordaMentha Property Funds has sold two of the six office/warehouses forming part of a small business park it acquired mid-last year, banking a 30 per cent uplift.
Unit three and four, 843 Mountain Highway, Bayswater (pictured, top), traded for a total of $3 million to one buyer which plans to occupy.
KMPF attributed over $2m to the properties which just traded: suite three is bigger, on 386 sqm.
The second showroom occupies 297 sqm.
In the direction of black already
KMPF agreed to pay $6.1m for 843 Mountain Hwy last August, settling in October (story continues below).
At the time, director Tom Korda said “we were attracted to the investment due to the great location, main road frontage, replacement cost of the units and the fact they are already separately strata titled, offering flexibility and risk adjusted returns for out investors”.
The units it retains are between 392-434 sqm, and some are leased, suggesting the fund manager will stay in the black for any continued sell-down.
Knight Frank’s Stuart Gill and Steven Salopek brokered the sale of office/warehouses three and four.
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