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Office and Retail
Sector
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$30.7 million
Acquisition Price
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$52.2 million
Sales Price
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NABERS before
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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 3.5 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."