Wingate invests $52m on car park
Melbourne based fund manager Wingate is paying Mirvac $52 million for the leasehold of an eight storey car park forming the lower levels of The Sebel Quay West Suites building, at The Rocks.
The deal for the 589-bay garage at 109-111 Harrington Street reflects a 4.7 per cent yield.
The ground lease with the Sydney Harbour Foreshore Authority has nearly 70 years to run.
The head lease with key tenant Wilson Parking is due for renewal in August, 2024.
McVay Real Estate’s Sam McVay represented Mirvac, which confirmed the sale; the price is a significant premium to the ($38.3m) December, 2021, book value (story continues below).
Wingate is expected to seed a fund with the property.
More to come.
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