Syndicated Office Investment
City View Road, Pennant Hills
B-grade office asset with strong fundamentals and attractive purchase metrics
The property comprised a 12 level B-grade office building with six levels of office accommodation and six levels of parking accommodating 260 cars. On acquisition the building was 85% occupied with a number of monthly and short-term leases in place.
The strategy focused on repositioning the building by undertaking a comprehensive cosmetic and base building upgrade, together with a targeted leasing/re-leasing campaign in order to maximise the value of the asset which was sold in October 2015 after successfully executing on this strategy.
Address
City View Road, Pennant Hills NSW
Purchase Date
October 2013
Purchase Price
$19m
Sale Date
October 2015
Sale Price
$43m
Equity IRR
64%