Core Plus Fund

From 0 to 4.5-star NABERS in less than two years

92 Pitt St, Sydney, NSW

  • Office and Retail

    Sector

  • $30.7 million

    Acquisition Price

  • $52.2 million

    Sales Price

  • NABERS before

  • NABERS at sale

The B grade office asset is a c.4,600sqm, multi-let property located in a core office and retail precinct in Sydney CBD.

EG’s Core Plus Fund invests in Australian real estate (office, retail, industrial) where EG can enhance returns through re-letting, capital expenditure programs and asset repositioning to secure increased rental returns and capital growth over the medium to long term.

The property is located in a precinct which was undergoing significant revitalisation and could benefit from strategic repositioning of the asset’s tenant mix combined with capital upgrades.

EG delivered a branded boutique for small to medium sized tenants. The property was 94% leased at disposal and NABERS was improved to 4.5 stars from 0 stars at acquisition.

The strong result from this sale provides confirmation of a robust Sydney office market and further endorses the original strategy behind the inception of the fund.

Daniel Farley