Oceana secures land-rich Lower North Shore office

The multi-level office/warehouse occupies a 7078 square metre plot.

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.

Reposition planned

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.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.