Goodman sells Macquarie Park Asset

Goodman Group have sold a Macquarie Park asset for $48.32m.

 

The property at 13 – 15 Lyonpark Rd comprises a 6 level office building with 6,137sqm of office space, 4 warehouse units of 1,183sqm with 8m clearances and a retail cafe on the ground floor. The building sits on an 8,026sqm site with 181 car parking spaces on grade and in a lower level basement.

 

Like most Macquarie Park properties, the site is highly accessible by road and public transport with good amenity nearby with Macquarie Centre and the Macquarie University & Metro station within 500 metres.

 

The building is leased to a number of commercial tenants generating approx $2.9M in net annual income and with an average lease expiry of 1.7 years.

 

Under the Ryde LEP, the site is zoned B3 Commercial with approx half of the site awarded a 1:1 FSR and the remainder a 1.5:1 FSR. The LEP also has provisions which allow Council to approve a development up to 45m in height and to an FSR of 2:1 if they can be satisfied that it provides improvements to recreational areas and assists in providing a greater level of connectivity within the precinct.

 

The property was acquired by a private investor on a passing yield of 6.0% and a capital value of $6,530/sqm.

 

Knight Frank managed the sale process on behalf of Goodman.

 

Also this week, Goodman transferred the Forestridge Business Park asset at 14 Acquatic Drive Frenches Forest to the related Goodman Industrial Trust for $45.22m. The 4 storey building contains approx 13,142sqm of net lettable area.