This article is from the Australian Property Journal archive
REAL estate fund manager has sold a multi-tenanted Northern Beaches industrial facility for $26 million, netting an $8 million profit in just two and a half years of ownership.
EG picked up the Belrose property at 22 Narabang Way for $18.09 million when it was fully leased to six tenants. Anchor tenant Fantastic Furniture signed a lease in March of 2020 and moved in just one day after the vacancy opened up.
The property sits on a 1.58-hectare landholding 23.5 kilometres north of the Sydney CBD.
The sale realises returns for investors in excess of 27% per annum. It marks the first divestment of an EG Private Wealth syndicate, which has assembled a portfolio of nearly $200 million since launching in 2020.
“Securing this strong return for our investors is an example of what’s possible when data-driven investing strategies meets comprehensive market risk assessment,” said EG’s head of private wealth, Rodney Walt.
“The high demand for industrial assets and the ability of EG’s team to execute our asset strategy by enhancing rents and improving the average lease expiry encouraged us to bring the property to market earlier than expected, exchanging in May 2022.”
The deal was brokered on-market by Gavin Bishop and Sean Thomson from Colliers International, together with Vincent West and Oliver Rosati from Upstate Commercial.
EG has $5.1 billion under management on behalf of super funds and private wealth clients and has a $3.9 billion development pipeline.
