Oceana Property Partners will undertake a major upgrade of an eight storey Lane Cove West investment for which it has just paid $31.5 million.
On 7078 square metres at 15 Orion Road, opposite Stringybark Creek, the office/warehouse was offered by Argus Property Partners, which outlaid $21m in February, 2016.
It was held in the Orion Opportunity Fund, following a $12m capital raise.
Some minor works were also undertaken – new lifts and a repaint – and the foyer was renovated.
Based on the passing rent, the sale price reflects a 4.77 per cent yield.
With 9571 square metres of area – 70pc of which is offices – 15 Orion Rd occupies a prominent position at the Lane Cove West Business Park entrance (story continues below).
Developed in 1988, the asset also contains 230 car parks – a high ratio of 1:41 sqm – including in a multi-level car park.
Oceana is intending a major reposition, to create modern office suites at a competitive rental.
CI Australia’s Chris Veitch brokered the sale.
“There is a groundswell of activity in the Lane Cove West Business Park including the development of AirTrunk’s Hyperscale data centre, Hannas Group’s multi-unit warehouse complex, which is almost sold out prior to completion, Ford Land’s DA-approved, 12,000 sqm multi-level last mile logistics development scheme and now the sale of 15 Orion Rd,” he said.
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