This article is from the Australian Property Journal archive
DENISON Funds Management has sold its office property investment at Artarmon in Sydney's lower north shore for $18.5 million, making a $7.5 million capital growth in just two years.
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Denison bought the property at 407 Pacific Highway Artarmon in July 2013 for $11 million.
The latest transaction was negotiated by Knight Frank`s Tyler Talbot and David Bolt and Chris Hartigan of Hartigan Bolt.
The sale price represented a 19% premium to the recent independent valuation of $15.6 million.
The 5,991 sqm building plus two levels of parking for 131 vehicles was sold with 100% occupancy with a weighted average lease expiry of five years, returning a net income of approximately $1.6 million p.a.
The property occupies a 3,221 sqm site which has potential for future rezoning (STCA).
Australian Property Journal