This article is from the Australian Property Journal archive
GROWTHPOINT Properties Australia has completed the purchase of the Fox Sports development at Artarmon, New South Wales.
Growthpoint has entered into with developer, Lindsay Bennelong Group, to deliver the office building, which will cost approximately $82.7million and will provide an initial passing yield of 8.1% on completion.
Located at 219-247 Pacific Highway Artarmon, the building will have a net lettable area of approximately 14,136 sqm plus 182 car spaces spread over six upper levels, a lower ground floor and two basement car park levels.
The building is targeting a 5 star NABERS rating and 5 star Green Star ratings and will be 48% leased to Premier Media Group which trades as “Fox Sports” under a 10 year lease (from practical completion) with two further options of 5 years each.
The developer will provide a 5 year rent guarantee from practical completion for any part of the remainder of the building not leased at practical completion. Construction has commenced and completion is expected late 2012/early 2013.
The Property is located within the Gore Hill Technology Park; a new 4.5 ha business park strategically on the Pacific Highway, approximately 1 km from St Leonards Station.
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