Savills Investment Management have acquired 241 O’Riordan Street Mascot in a $151.5 million deal with Fort Street Real Estate Capital.
The prominent building near Sydney Airport provides 19,277sqm of space which is 98% occupied on a 3 year WALE. The property generates $9.7m in annual income and was sold at a passing yield of 6.5% and a capital value of $7,900/sqm.
The building comprises 10 upper levels of office accommodation, a ground floor foyer, retail space, a gym and end-of-trip facilities. It has a 5.5 star NABERS Energy rating.
Fort Street acquired the building in 2017 from Blackstone at a price of $128.4m. At the time the deal reflected a yield of 6.8%.
Savills Investment Management have participated in a number of real estate deals in Australia in recent years. Last month the group partnered with Elanor Investors in the acquisition of Clifford Gardens Shopping Centre. In 2017, Savills acquired the Station at Oxley, a Woolworths based Neighbourhood Centre for $43.5m.
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