Pittwater Industrial, the near new investment house led by ex-Urbanest directors Ted Dawkins and Dave Munro, has paid $26 million for another Sydney investment – this time in the north.
The 1.57 hectare site at 22 Narabang Way, Belrose, known as the Kingfisher Business Centre, was offloaded by EG’s Private Wealth division which paid $18.09m in February, 2020.
Also within the Austlink Business Park, it is the first asset offloaded by the two year old syndicate, which retains a portfolio worth c$200m.
“Securing this strong return for our investors is an example of what’s possible when data-driven investing strategies meet comprehensive market risk assessment,” EG Private Wealth head, Rodney Walt, said.
“The high demand for industrial assets and the ability of EG’s team to execute our asset strategy by enhancing rents and improving the average lease expiry encouraged us to bring the property to market earlier than expected, exchanging in May, 2022,” he added.
22 Narabang Way, Belrose
Belrose is about 23 kilometres from the CBD (story continues below).
Fantastic Furniture is the anchor at 22 Narabang Way, taking occupancy of its space in March, 2020 – the day after it became vacant.
There are about five other tenants too, including gift hamper group Gourmet Basket which signed up for 621 sqm two years ago paying $230 per square metre, per annum.
The deal comes four months since Pittwater purchased 5 Yarrawa Street, Prestons, from Loftext Property Group for $58.255m, reflecting a 3.35 per cent yield.
Last November the group paid Gsan $34.2m for a 3.2ha warehouse investment at 373 Horseley Road, Milperra.
Prestons and Milperra are in the south west.
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