QIC sells Chatswood gym
QIC has settled on the sale of a gym in Chatswood’s industrial precinct.
The 6491 square metre holding, 350 Eastern Valley Way, traded for $30.5 million – a 5.57 per cent net passing yield
The building value – it contains 3824 sqm over three levels – is $7930 per sqm.
There are also 140 car parks.
Fitness First Platinum has occupied 20 years.
The current lease expires in 2031 (continues below).
“The campaign generated strong engagement from local and offshore buyers, reflecting continued demand for assets that combi stable income with long-term optionality,” the agents, Colliers’ Harry Bui and Zhenni Lu with Knight Frank’s Mark Litwin, said.
“The area continues to benefit from its strategic position within Sydney’s lower north shore and its role as a key employment and growth corridor,” according to the executives.
“In the current market, assets in locations such as Chatswood continue to attract strong interest from a diverse range of investors,” they added.
The deal comes five weeks since we reported QIC sold a Adelaide industrial portfolio.
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