This article is from the Australian Property Journal archive
ASX-listed Propertylink Group has offloaded two manufacturing warehouses at Rydalmere in Sydney’s west for $27.5 million – a 25% premium to book value.
The property was valued at $21.9 million as at June 2016. Located at 10-12 Pike St Rydalmere, 21km west of the Sydney CBD and 4km east of the Parramatta CBD, it comprises a net lettable area of 20,022sqm and it is currently leased to scaffolding and framework provider, Waco Kwikform expiring June 2018.
“We are pleased to agree the sale of the Rydalmere asset to a strategic buyer. The team has done an outstanding job of capitalising on the opportunity to achieve a significant premium at the right time and we will be seeking to redeploy the funds into other identified investment opportunities,” he added.
“’Whilst Propertylink has been one of the most acquisitive groups within the Australian property sector over the past three years, with the primary aim of building a portfolio to generate attractive rental returns with income growth, we have also divested assets above book value where the opportunity has arisen,” head of property Peter McDonald said.
This transaction comes hot on the heels of the sale of two refrigerated logistics warehouses, in Victoria and Queensland, to Deutsche Asset Management for a combined $73.1 million, at a 6% premium to book value.
Last week, Propertylink put its 320 Pitt St Sydney CBD office building on the market, alongside co-owners Goldman Sachs and the 7th Duke of Westminster, with a price tag of $280 million.
Australian Property Journal
