Bob Ells' Leda Holdings has acquired 247 King Street Mascot for $48.0m.
The 13,684sqm site contains 4 separate buildings occupied by 9 separate tenancies across 10,546sqm of NLA. The site is fully leased with a 2.17yr WALE generating a passing income of $1,941,637. The acquisition price represents a 4% yield on the passing income and a value of $4,551/sqm of land area.
The site also has the potential for 41,000sqm of gross floor area (STCA) based on the current FSR of 3:1.
The property was offered for sale on behalf of Deloitte, presumably under instructions from an administrator. ReSourceData previously shows the site as being acquired by Jewell for $43.5m in December 2015.
The property is near to the O'Riodan Street commercial precinct and within 500 metres of Sydney Domestic Airport. Investment in the area has been strong with AMP Capital acquire 3 stages of the Goodman's Corporate Centre in early 2019 whilst in July 2019, Cromwell acquired an A-grade building also offered up by Goodman at 163-175 O’Riordan Street Mascot for $113.28 million.
Colliers acted for Deloitte on the King Street property.
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