Macquarie Park office/showroom collects $55m

AMP sold Sekisui House at 68 Waterloo Road in April.

RF Corval has sold a Macquarie Park office for $55 million.

The deal, with Charter Hall for its Deep Value Property partnership, reflects a 5.23 per cent initial yield.

The vendor paid $34m in 2016.

That seller, Abacus, acquired it four years earlier from receivers Ferrier Hodgson – outlaying $17.35m.

Macquarie Park is about 13 kilometres north west of Sydney.

37 Epping Road, Macquarie Park

On 8010 square metres, 37 Epping Road was purpose built in 2003 for Officeworks, which still occupies.

Over four levels it contains a 5752 sqm office – 60pc tenanted to Teva Pharmaceuticals – a 2522 sqm showroom and 232 car parks, part within a basement and mezzanine.

The ground floor is also fit out with a café.

Fully let, the Weighted Average Lease Expiry is 3.2 years.

CBRE’s Scott Gray Spencer and Kenny Duncanson, with Knight Frank, represented RF Corval, which is backed by former Multiplex chief Andrew Roberts (story continues below).

“The asset received strong interest attracted to the quality of the existing improvements, tenancy profile, excellent exposure to Epping Rd and significant land holding with potential development upside,” Mr Duncanson said.

String of Macquarie Park office deals

The Epping Rd deal comes three months since AMP sold Sekisui House at 68 Waterloo Rd for $106.5m.

Not long earlier, the same vendor banked $71m from ESR Australia for an office/warehouse on 1.5 hectares in the street – at #44-50.

In December, another AMP trust asset in the suburb – 1-5 Thomas Holt Drive – collected $288.9m from Ascendas Reit.

That buyer two months earlier picked up MCX4, an unbuilt office within the Macquarie Exchange business park being established by Frasers Property Industrial and Winten Property Group, for $167.2m.

Goodman Group has recently sold two assets in the suburb: the Macquarie Park Corporate Centre, for $144m to AEW Capital, and Pinnacle Office Park, to Keppel REIT ($306m).

Last July, Stockland struck a deal to acquire Johnson & Johnson’s sprawling Macquarie Park headquarters – 1-5 Khartoum Rd – conditional on it building the vendor a replacement office in the area.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of