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Six level office facility sells for over $16 million in Sydney

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An office facility, overlooking the Blackman Park and the Lane Cove River, on Sydney's North Shore, has been sold for close to $17 million.

The property, with the hefty price tag, is located 9 kms north-west of the CBD. It has been purchased by a private syndication group. 

The the 9,438.1 sqm facility is currently 94 per cent leased. It is a 6 level office building that includes a basement as well as mezzanine parking for 111 cars. Also attached is a two level warehouse.  

Knight Frank agents Brett Burridge and Tyler Talbot sold the property on behalf of Australian Executor Trustees Limited.

The building, located in the Lane Cove business park/industrial precinct, is 30 years old with 5 tenants including Expo Centric, SLR Consulting, Key Pharmaceuticals, Kastle Systems Australia and Quicksmart Homes.

The building comprises a 3,929 sqm office and 5,509.1 sqm warehouse, which sits on a site area of 6,739 sqm. 

According to Mr Burridge, the property presents a high yield investment prospect due its short distance from Sydney CBD.

"Lane Cove is a consistent performer in attracting a high level of both local and multi-national tenants," he said.

Mr Talbot added that Lane Cove was fast becoming a location of choice.  

"In addition, since warehousing accommodation within the Macquarie Park and North Ryde market has become less available, Lane Cove has also evolved into a desirable location for more traditional warehouse and industrial users as well," he said. 

Date Published: 10 Apr 2015
Category: General News

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