6 June 2018 (Sydney, Australia) - EG, one of Australia’s leading real estate fund managers, has acquired an office building at 7 City View Road in Pennant Hills for $32 million. It is the latest addition to the Yield Plus Infrastructure Fund No 2 portfolio.
The vacant building has a net lettable area of 7,124sqm and sits on a large 6,400sqm parcel of land, located 400m from the Pennant Hills Train Station and 100m from Pennant Hills Road. EG intend to implement a refurbishment program and to re-lease the building, with precincts along the Pennant Hills Road corridor expected to benefit from the completion of the $2 Billion North Connex infrastructure project in 2019.
Associate Director of Capital Transactions, Sean Fleming, said “the short-term ability to reposition the vacant building as a leased investment, coupled with the soon to be completed NorthConnex project means the property is well suited to the fund, which seeks to acquire strategic assets near new and upgraded infrastructure projects”.
Divisional Director, Urban and Community Planning, David Workman said “the current B5 zoning provides flexible future options for the large landholding, going forward, particularly given its proximity to the Pennant Hills Train station and town centre”
The acquisition continues the success of the Yield Plus Infrastructure Fund No. 2, which is known for its strategic investments dependent on surrounding infrastructure.
The vendor was Pitt Street Real Estate Partners and the deal was brokered by Scott-Gray Spencer at CBRE.
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