This article is from the Australian Property Journal archive
DEXUS Property Group has sold an industrial estate in Sydney’s Erskine Park for $50 million.
CEO Darren Steinberg said the deal is expected to contribute approximately $12 million pre-tax to FY17 trading profits.
Dexus bought the 6.25ha site located at 57-65 Templar Rd in 2011.
After securing development and planning approvals, the group developed a 30,115 sqm multi-tenanted estate comprising two freestanding buildings and 215 car parking spaces.
The buildings are divided into five units which have an occupancy of 100%.
“After delivering our trading profits for FY16, we are now focused on executing the trading pipeline for future years and are pleased to secure the first sale to contribute to FY17 profits, delivering an unlevered IRR of 15% over the life of this project,” Steinberg said.
Australian Property Journal
