Savills Investment Management has acquired a second investment in as many months – this time, an office abutting Sydney’s Kingsford Smith Airport.
The 12-level complex at 241 O’Riordan Street, Mascot, is costing $151.5 million.
Vendor, the E&P Investments Limited managed Fort Street Real Estate Capital Property Fund, outlaid $128.4m four years ago.
The disposal needs Foreign Investment Review Board approval but is expected to settle next month.
Developed in 1992 and refurbished in 2014-2015, the asset, also known as Gateway 241, contains 401 basement car parks and 19,277 square metres of commercial area; the office component is rated A-grade (story continues below).
Government tenants contribute 44 per cent of the c$9.71m annual income.
Savills, in conjunction with Elanor Funds Management, recently paid $145m for Toowoomba’s Clifford Gardens shopping centre.
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