Sydney police station sells for $17m
A local investor has splashed out $16.75 million for a four level police station in Sydney’s west.
The result for 11 Kildare Road, Blacktown, reflects a 4.9 per cent yield.
It also demonstrates an impressive capital gain for the vendor, Kildare Holdings Pty Ltd, which outlaid $7.5m in 2014.
CBRE’s Lord Darkoh, Ray Ahsan and Alex Mirzaian were the agents.
Blacktown Police Station sells again
On 852 square metres, the Blacktown Police Station is opposite Westpoint Shopping Centre, which US investment house Hines with local outfit Haben bought last year $900m.
With 1766 sqm of area and 32 car parks, the state government is on a lease expiring in 2028 with two five year options.
“The Blacktown Police Station is part of the emerging Blacktown Justice Precinct, which will benefit from the anticipated Blacktown Quarter Development—aimed at transforming Blacktown into a vibrant urban centre,” Mr Darkoh said.
“The…yield achieved reflects a clear flight to quality, with both local and offshore investors increasingly targeting Blacktown as a strategic growth market,” he added.
“Interestingly, the purchaser is traditionally a share market investor, but recent economic volatility has driven them to refocus their portfolio toward secure, metropolitan real estate,” according to the executive.
Local and offshore family offices and syndicates and institutional investors also looked in, the agents said.
Blacktown is about 35 kilometres from town.
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