Jul 26 2017Add to Favorites
Simon Johanson, The Sydney Morning Herald
Banks are proving their worth to property investors. The Bendigo Bank building, a 788sq m, two-storey freehold at 4 Prospect Hill Road, has sold under the hammer for $7.03 million on a sharp 4.2 per cent yield, Fitzroys' Chris James, Chris Kombi and David Bourke said. The property sold with new five-year leases to Bendigo and Adelaide Bank on the ground floor, and CIPL on the first-floor.
The Goodlife Health Club at 312-320 High Street in Belmont has sold to a local investor for $5.322 million, a net passing yield of 7.5 per cent. JLL's Stephen Bolton, Tom Ryan and Peter Sprekos handled the negotiation. Quadrant Private Equity owned Goodlife signed a new five-year lease and five-year option on the building with passing annual income of $405,000 + GST.
SOURCE: The Sydney Morning Herald
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7thand final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve-month construction period.
MP Funds Management (MPFM) has made its first investment of 2019, a co-investment with another group that MPFM has a successful and ongoing co-investment relationship with. The acquisition of the Crossroads Homemaker Supercenter (the subject property) is an opportunity of scale and dominance in one of Australia’s most significant growth regions. The centre offers an existing net lettable area of 47,997sqm on 143,997sqm land over 4 separate lots. 93% of the property income is underpinned by national retailers including Bunnings Warehouse, Freedom, Fantastic Furniture, the Good Guys and Nick Scali.
Dexus today announced its result for the half year and reaffirmed its guidance for distribution per security growth of circa 5% for FY19. Dexus Chief Executive Officer, Darren Steinberg said: “It has been a productive six-month period where we have added value through enhancing our development pipeline and attracting new investors to our funds management business. This has all been achieved while maintaining low balance sheet gearing. “In our office portfolio we continue to outperform the MSCI office benchmark1 over one, three and five years through driving higher rents and lower incentives, particularly in Sydney which has been reflected in property valuations during the period. “In our funds management business, we now have $15 billion under management with investors and partners that can invest alongside us through the cycle, reinforcing our objective of being the wholesale partner of choice in Australian property.”
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