(Sydney, Australia) – Leading non-core real estate fund manager EG Funds Management has executed a strong, off-market sale of two (commercial) assets in Kensington, Melbourne, VIC. The combined 15,725sqm site area was sold for AU$30.25 million.
The Young Husband Wool Stores sites were acquired in two tranches by EG Funds Management in 2007 and 2011 for AU$8.9 million and $5.5 million respectively (combined $14.4 million site value). The sites underwent a successful rezoning in 2015 from IN1 and IN3 (Industrial) to Commercial 2 zoning.
“The sale is a testament to the active planning and asset management skillset of the EG team. The strong market appetite for well-located assets delivering passing yield while allowing future land use change potential has also benefited these sites,” says EG’s Divisional Director Daniel Farley.