(Sydney, Australia) – EG, one of Australia’s leading real estate fund managers, has a new addition to its Yield Plus Infrastructure Fund No. 2 portfolio with the acquisition of the former Roche Products Australia facility in Sydney for $55 million.
The facility is located 20km north of Sydney CBD at 100 South Creek Rd, Cromer NSW. The site is close to the newly constructed $1 billion Northern Beaches Hospital, the $500 million B-line project for improved bus services to the CBD, and the recently announced Beaches Link Tunnel project. It is also near to the Dee Why Town Centre, which is undergoing significant urban renewal.
“The proximity to new and upgraded infrastructure enhances the long term value of the site,” said Associate Director Capital Transactions Sean Fleming.
“There’s significant potential to reposition the asset into a multi-tenanted business park in the heart of the northern beaches. It can capitalise on the high levels of demand for quality industrial accommodation.”
The property has a net lettable area of approximately 26,000 sqm and sits on a prime land holding of 74,670 sqm.
EG’s Yield Plus Infrastructure Fund No. 2 is an AU$750 million fund that launched in 2016. The fund also acquired a storage facility in Northcote in January this year for $13.45 million. The fund mandate is targeting assets along new or upgraded infrastructure around Australia.
This fund follows on the success of Yield Plus Infrastructure Fund No. 1 (YPI 1), which is known for its strategic acquisitions with future development upside, such as the recently developed Flour Mill of Summer Hill.
The vendor was Roche Products Australia and the deal was brokered by Charles Gonzalez of Cushman and Wakefield.