Nov 05 2018Add to Favorites
After selling to New Zealand investor Brian Cook on a cap rate of c. 5% in mid-2016, the newly completed Woolworths stratum investment under the Omnia building in Potts Point is available for sale. The 1,190sqm approx tenanted investment offers a fully leased income of c. $946,000 pa with Woolworths occupying c. 918sqm and c.315sqm of supporting specialties. CBRE is offering the property for sale via expressions of interest.
Savills have recently sold a smaller 460sqm stratum investment at 88 Milsons Point, on the lower North Shore. The property is occupied by QE, a food store with a fully leased net income at $218,500 sold reflecting a net capitalisation rate of 4.69% to an investor from Hong Kong. According to Savills, the property was on the market for 13 days and there were 230 inquiries, 15 inspections, 6 contract requests.
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7th and final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve month construction period. Legacy Property has $3bn of projects completed and in progress consisting of c.3,600 dwellings . 14 projects have been completed with another 7 underway, gross completed project values range from $85m to $248million for each project.
Home loan approvals have fallen significantly off the back of the APRA and the Royal Commission initiatives together with new Responsible Lending Criteria. The ABS recently reported that home loan approvals have fallen by 13.6% year on year and within that, investment loans have come back by c.20%
Off the back of successfully settling a $48m syndicated first mortgage for a residential apartment development in Sans Souci just weeks ago, Sydney-based real estate investment manager Centennial Property Group (CPG) opened a new fund with a focus on the industrial and logistics market, Centennial Industrial and Logistics Fund II (CIL II). The fund, available only to wholesale and private high net worth investors, opened on 1 November and was seeking to raise c. $38 million. CPG closed the fund less than two weeks later, well before the official close date, due to oversubscription.
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