Sun Property banks sizeable capital gain at Crows Nest
Sun Property has sold the former Warner Music building, in Crows Nest, for $32.25 million.
The boutique apartment builder paid $22m for 39-47 Albany Street in February, 2017.
That seller, Perth’s Pindan Capital, purchased it for $13.3m 10 months earlier.
The latest deal was brokered mid-last year by CBRE’s Jason Lowry, Toby Silk, Nicholas Heaton and Tao Shi on a 3.6 per cent passing yield.
As per the sale arrangement, the buyer, private investor JH Melrose, settled this month.
This pocket of Crows Nest is about four kilometres north of Sydney.
39-47 Albany Street, Crows Nest
Covering a 1609 square metre B4 Mixed Use zoned site, 39-47 Albany Street is one of the biggest holdings near the Crows Nest Metro station, set to open in 2024, the agents said.
The three storey office contains 3286 sqm of modern lettable area, a wraparound balcony and 43 car parks (story continues below).
Aged care provider Allity, Quadrant Private Equity’s The Real Pet Food Company and JAX Tyre and Auto, are the occupiers.
The Weighted Average Lease Expiry (by income) is 3.12 years.
“Underpinned by the future Crows Nest Metro station…the area is already experiencing major gentrification with the construction of new large-scale mixed-use and residential developments and significant town planning proposals led by the local and state governments,” the agents said.
The property is a minute walk to Crows Nest Village and 350 metres to the Willoughby Road restaurant and dining strip, they added.
Incorporating St Leonards, the area experienced population growth of 18.5pc between 2011-2016.
The precinct is New South Wales’ sixth largest commercial centre.
Warner Music relocated to Pyrmont.
The group recently moved its Melbourne headquarters too – within Collingwood.
