This article is from the Australian Property Journal archive
A CONSORTIUM headed Gerry Harvey, John Singleton and Mark Carnegie, has paid $80 million for The Entertainment Quarter in Sydney.
The complex was sold by CFS Retail Property Trust Group, which jointly holds a leasehold interest in EQ with one of its wholesale funds, CFSGAM Property Retail Partnership.
Mark Carnegie bought the share in the EQ for his private equity fund, Carnegie Private Opportunities Fund No. 1.
CFX deputy CEO Michael Gorman said the sale is in line with the trust’s strategy of divesting non-core assets.
The sale remains conditional on the approval of the ground lessor and the relevant NSW government consent authority.
McVay Real Estate’s Dan and Sam McVay were the selling agents.
The EQ is a 11-ha mixed use asset focused on retail, entertainment, leisure and office in the Centennial Park sports and leisure precinct, 3km south-east of the Sydney CBD. It is immediately adjacent to Sydney Cricket Ground, Allianz Stadium, Fox Studios and Hordern Pavilion.
The EQ has a total floor area of 51,540 sqm and 2,008 car parking spaces and is home to the federal government’s film, television and radio education facility, production studios, two Hoyts cinema complexes (12 screens), the EQ Village Markets, the historic Showring and a Strike Bowling centre.
The complex has the potential to return $7.5 million net when fully leased. The current estimated passing income is $6,667,728 net.
Property Review
