19 Dec 2016

EG sells Kensington for $30.25 million

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19 December 2016 (Sydney, Australia) – EG Funds Management has executed a strong, off-market sale of two (commercial) assets in Kensington, Melbourne, VIC.

Leading non-core real estate fund manager EG Funds Management has executed a strong, off-market sale of two (commercial) assets in Kensington, Melbourne, VIC. The combined 15,725sqm site area was sold for AU$30.25 million.

The Young Husband Wool Stores sites were acquired in two tranches by EG Funds Management in 2007 and 2011 for AU$8.9 million and $5.5 million respectively (combined $14.4 million site value). The sites underwent a successful rezoning in 2015 from IN1 and IN3 (Industrial) to Commercial 2 zoning.

“The sale is a testament to the active planning and asset management skillset of the EG team. The strong market appetite for well-located assets delivering passing yield while allowing future land use change potential has also benefited these sites” says EG’s Divisional Director Daniel Farley.

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“The sale is a testament to the active planning and asset management skillset of the EG team"

Daniel Farley

Divisional Director

Capital Transactions

The Australian

EG Funds Management sells two Melbourne sites

The Australian Financial Review

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Property Observer

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Australian Property Journal

EG spins Kensington wool store for 30m