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Lane Cove asset sold for more than $28 million

People & Companies / Latest News

Australia

Apr 15 2018

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Property investor Bricktop and property development and investment company Trumen Corp have sold a Lane Cove office and warehouse asset to Sydney based fund manager Aviator Capital, in a deal worth $28.075 million.

The two owners bought the property, located in the Lane Cover Business Park, in 2014 for $16.875 million.

The 9263-square-metre property at 2 Lincoln Street has a high-clearance and clearspan warehouse with roller shutter door access as well as office space, with easy access to Epping Road.

With a weighted average lease expiry of approximately 3.25 years, the property is 95 per cent leased to tenants, including SLR Consulting, Key Pharmaceuticals, and Kastle Australia.

The sale, which reflected a passing yield of 6.91 per cent and a fully leased yield of 7.33 per cent, was managed by Knight Frank's Tyler Talbot and Arland Domingo and CBRE's Geoff Hunt.

 

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