This article is from the Australian Property Journal archive
A COMMERCIAL property at Lane Cove on the Lower North Shore of Sydney has been sold by Centuria Property Funds for $16.875 million, a premium of $1.125 million to the current book value.
Located at 2 Lincoln St Lane Cove, the property has a net lettable area (NLA) of 9,438 sqm comprising 3,887 sqm of office and 5,551 sqm of warehouse space. It is 95% leased with a weighted average lease expiry of 3.6 years by income, as at 1 March 2015.
Centuria unlisted property funds CEO Jason Huljich said the sale was in accordance with the mandate from investors in the fund to sell the property, which was purchased in 2005.
Greg Cohen of Savills Australia and Brett Burridge and Tyler Talbot of Knight Frank handled the sale.
Australian Property Journal
