A fully leased office asset in Belrose, NSW has sold on an 8% yield to a private investor.
The property was listed for sale with CBRE and Knight Frank in April 2020 and despite a slowing market due to COVID a buyer was identified with contracts exchanging in August.
The property at 3 Minna Close is leased to three multinational tenants with a WALE of 3 years. The property generates a net passing income in excess of $2.08m per annum (which equates to $520/sqm pa) and was acquired by a private investors for $26.0m, reflecting a soft 8% yield.
The soft yield is a reflection of the fact that the passing rent is exceptionally high for the area and will revert to market upon the lease expiry.
The 4,000sqm property sits on a 4,003sqm site with 250 basement and on grade parking spaces. The property also has a 5 star NABERS rating.
The building was specifically developed for Altium in 2010 by Aust Equity Properties.
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