AMP Capital has sold an office building in St Leonard's it acquired 2 years ago for an offshore private family office.
60 Pacific Highway, St Leonards is a three storey, freehold, commercial office building located a short 260m walk from St Leonards train station. Occupying approx. 1,313sqm of land in a dominant corner position, the B grade office asset provides 2,921 sqm of NLA and 60 secure basement car parking spaces. In addition the site benefits from a B3 commercial zoning, 5:1 FSR and 36m height limit.
The property was 65% vacant in 2018 when AMP Capital acquired it and provided an opportunity for the building to be re-positioned as key location within the growing Royal North Shore Hospital & Medical Precinct. AMP Capital's client acquired the asset for $21.3m.
AMP Capital was able to undertake some minor capex works and execute a leasing strategy to take advantage of the growing demand for office space in the area.
Upon completion of the leasing strategy, AMP Capital moved to sell the asset, appointing JLL in an an exclusive off market sales campaign.
JLL concluded a sale of the asset for $33.8m with contracts exchanged in July 2020. The purchase price reflected a 5.37% yield and a rate per square metre of NLA of $11,751.
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