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Local investor pays $16.1 million for Sydney property

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Private investors are making wise decisions about their property development portfolio, as a way of making the most of the lucrative opportunities that have become available in Australia.

One such example is that of Justin White of Jadan Property Group. The sharp-eyed capitalist just bought Sydney's twin-tower office in Artarmon located at 407 Pacific Highway, for a whopping $16.1 million, according to global real estate firm Knight Frank. 

Prior to the impressive transaction, Dension Funds Management had completed a successful leasing campaign. This resulted in securing tenants for more than 3,000 square metres. 

Knight Frank Directors Tyler Talbot and Dominic Ong, and David Bolt and Chris Hartigan of Hartigan Bolt managed the sale.

"The sale reflected an equated yield of approximately 8.5 per cent including incentives," reads a statement released by Knight Frank.

There is no shortage of capacity or facilities in the building. There is 5,991 square metres of office space available, in addition to 131 car parking spaces. Currently, the building is leased to five office tenants. A cafe is also located on the premises. 

The property's annual income before incentives is around $1.57 million. Mr Bolt of Hartigan Bolt said it was a smart investment. 

"The property is well-positioned for growth, with tenant demand continuing to strengthen on the North Shore. This is a 100 per cent-leased investment, offering long-term security of income and growth prospects," he explained 

Mr Talbot of Knight Frank commented that there was immense local and international interest in the building. 

"This type of investment stock is highly sought after, offering secure long-term cash flow, being close to major infrastructure and having future re-development potential.'

CEO of  Denison Funds Management Matthew Burrows said this was an ideal outcome. 

"Denison have achieved their objective to reposition the asset and take advantage of a strong sales market."

Date Published: 12 Jul 2015
Category: General News

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