Corval Pick up Novartis Asset in Macquarie Park

The Novartis Macquarie Park Building has sold to Corval for approximately $62M.

 

Constructed in 2015, the six-storey office building has 9,998sqm of office space and onsite parking for 106 cars. In a sale and lease back arrangement, Novartis took a six-year lease over 4 of the levels with two floors available for lease.

 

The building is located 300m from the Macquarie Park train station and the Macquarie Shopping Centre providing good access and amenity for staff.

 

The building has a 4.5-star NABERS energy rating and offers large open floor plates of up to 1,541sqm, full length windows allowing for natural light and outlook, 4 high speed glass lifts, polished concrete floors, chilled beam air conditioning, security access with boom gate, end of trip facilities, a BBQ and entertainment area.

 

Vacancy in Macquarie Park has tightened in recent years with a current vacnacy rate of 3.8%. Likewise rents having grown from about $400/sqm to approximately $470/sqm.

 

The property was sold via Colliers.