EG is pleased to announce the acquisition of a multi-let large-format retail complex at 1618 Canterbury Road, Punchbowl, NSW for $28.15 million on behalf of its Private Wealth division.
The property is well-connected to transport, situated within close proximity of the M5 South-West Motorway. It provides a substantial landholding of approximately 22,310sqm on a main arterial road with high visibility in South West Sydney, whilst being closely located to the established industrial precincts of Padstow, Revesby and Milperra.
“EG’s Private Wealth Division is pleased to present the EG Punchbowl Property Trust to our wholesale investors as we continue to yield great returns by investing in multi-use real estate with strong capital-growth potential”, said EG’s Head of Private Wealth, Rodney Walt.
With a fully leased yield of 4.5% p.a., the asset currently holds a range of strong tenant covenants including Officeworks, Petbarn and Caltex Woolworths, among other local operators.
“The large format retail complex provides a substantial landholding in South West Sydney, with a strong tenant mix that provides a defensive and growing income profile”, said EG’s Senior Manager – Capital Transactions, Pishoy Gobran.
Secured via an off-market approach through Trent Gallagher of Colliers International, the property is the eighth asset that EG has acquired for their Private Wealth investors.