This article is from the Australian Property Journal archive
DESANE has divested a Lane Cove industrial property for $18.2 million, looking to capitalise on strong Sydney market conditions.
The 5,766sqm property at 7-9 Orion Road on Sydney’s Lower North Shore sold at a 5.5% yield.
“With some of the recent transactions in Sydney’s industrial market, we think it’s an opportune time to sell,” Desane’s managing director Phil Montrone said.
“Despite the sale, our view on the Sydney metropolitan property market, in its various forms, is that it will continue to deliver both reliable sources of income and capital returns to investors over the coming years,” he added.
Hartigan Bolt’s David Bolt negotiated the off-market transaction.
Settlement is expected by the end of July.
Australian Property Journal