This article is from the Australian Property Journal archive
MIRVAC has offloaded its Rhodes assets in New South Wales for a combined $235 million, representing a passing yield of 7.51%.
The sites comprise 3 Rider Boulevard, the adjacent 5 Rider Boulevard along with four levels of car parking across the two buildings.
3 Rider Boulevard is an A-grade, seven level office building with three retail outlets on the ground floor, over a total of 16,811 sqm.
5 Rider Boulevard is a 14-level A-grade office building comprising 25,015 sqm of space.
Both assets have a total net lettable area of 41,700sqm with 815 cars and is currently 98% occupied to Nokia, AAP, SITA, Spotless and Bpay on a WALE of three years, with an estimated fully leased income of $18.5 million per annum.
Mirvac CEO Susan Lloyd-Hurwitz said following the transactions the group expected to achieve total asset sales of over $870 million for the financial year to date.
The assets were acquired by Altis Property Partners for its flagship AREEP No 3 investment fund.
Australian Property Journal
