Mintus has snapped up a gateway Sydney business park with short and medium term development upside.
The diversified investor is paying $55 million for 436-484 Victoria Road, Gladesville, from Dexus.
On a 1.9992 hectare B4 Mixed Use zoned site, the asset contains 18,703 square metres in two buildings, of four and five floors.
The lettable area is predominantly offices; with warehousing filling the balance; all up there are 23 commercial suites, half of which is vacant.
There are also 420 car parks.
Gladesville is an affluent area about 10 kilometres north west of Sydney, near leafy Hunters Hill.
Glade View Business Park
Known as the Glade View Business Park, 436-484 Victoria Rd was developed by Ford Mirvac 21 years ago for the Public Authorities Superannuation Board.
It was the first major office for the suburb since Enterprise Park was completed in 1975.
The building facing the road is the biggest, with 15,708 sqm.
Upper storeys capture Parramatta River views (story continues below).
Dexus paid $45.2m in 2017 – later, unsuccessfully, proposing a residential rezone.
“Mintus will immediately commence refurbishment works to capture those tenants seeking better accommodation with significant parking and warehouse space close to the CBDs of Sydney and Parramatta [about 11km to the west and where the group is headquartered],” the new owner’s director, Ben Stewart, said.
“The building has significant exposure to Victoria Rd, providing access/egress for vehicles traveling in both directions, along with great amenity, views and enormous flexibility to cater for both large space uses and smaller corporate offices,” he added.
The acquisition comes eight months since the manager paid Stockland $141.25m for a shopping centre at Baulkham Hills, about an 18km drive north west of Gladesville.
Two years ago the group outlaid $23m for a Central Coast retail asset, West Gosford Village, from Coles and ISPT.
Second time luckier?
Longer term, Mintus is expected to also propose redeveloping the site with residential – according to REA Group, the median price for a three bedroom Gladeville apartment is $1.145m – almost exactly half the price of a house there ($2.25m).
“Glade View Business Park represents a unique short, medium and long-term value-add…opportunity, making it both a flexible investment and future development opportunity,” Mr Sheu said.
“Purchasers are looking for assets where they can add value in good locations,” Mr Silk added.
The campaign received strong interest from a number of potential buyers, according to Mr Vines.
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