EG has sold an industrial site at 22 Narabang Way, Belrose for $26 million, realising returns for our Private Wealth investors in excess of 27% p.a. over a 2.5 year hold period.
Acquired in January 2020 for $18.09 million, the modern, multi-let industrial facility is located in the tightly held and land constrained Sydney Northern Beaches industrial market. It marks the first divestment of an EG Private Wealth syndicate, which has assembled a portfolio of nearly $200 million since launching in 2020.
“Securing this strong return for our investors is an example of what’s possible when data-driven investing strategy meets comprehensive market risk assessment. The high demand for industrial assets and the ability of EG’s team to execute our asset strategy by enhancing rents and improving the average lease expiry encouraged us to bring the property to market earlier than expected, exchanging in May 2022,” said EG’s Head of Private Wealth, Rodney Walt.
The property sits on a substantial 15,800sqm landholding and is located 23.5km north of the Sydney CBD. The anchor tenant, Fantastic Furniture, signed a lease in March 2020 and moved in 1 day after the property became vacant, highlighting EG’s leasing insights and deep understanding of the market.
The deal was brokered on-market by Gavin Bishop and Sean Thomson from Colliers International and Vincent West and Oliver Rosati from Upstate Commercial.
EG grows the wealth of their private investors through commercial property syndication opportunities. With capital security and stable income cashflows, EG takes a personalised and aligned approach to every opportunity.
Founded in 2000, EG has $5.1 billion under management on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact. With $3.9 billion in development pipeline, and 16.7% per annum in realised IRR for institutional funds, EG is committed to finding a better path to better returns.