Goodman offloads Mascot Commercial to Cromwell4 July 2019
Cromwell Property Group has acquired the A-grade Sydney office building offered up by Goodman at 163-175 O’Riordan Street Mascot for $113.28 million.
The 10-storey 13,459sqm building is fully leased to blue chip tenants including office supply retailing corporation, Winc Australia Pty Ltd and Swedish Nasdaq OMX-listed multinational home appliance company, Electrolux. Winc occupies 5,254 sqm of the building with nine (9) years remaining on their lease and Electrolux occupies 2,836 sqm with 10 years remaining on their lease.
The remaining 40% of the Property’s NLA comprises a variety of smaller office tenancies and a small retail holding.
The property generates a net operating income of $6.5m and a weighted average lease expiry of 6.8yrs. The yield on the acquisition price was 5.74%.
The building which sits on a 4,773sqm site has a 5 Star NABERS energy rating and a 5 Star Green Star rating.
The property will sit in the Cromwell Direct Property Fund which has secured six direct commercial property assets The transaction was managed by CBRE and Colliers.