Leda Holdings has paid $57 million to buy a 4.68 hectare business park in North Rocks in Sydney’s north-west district.
The property at 19-21 Loyalty Road consists of three buildings with 19,000sqm of NLA. The property is occupied by five tenants with a weighted average lease expiry (WALE) of just under 3 years. Tenants include Ensign, Crown & Andrews and Point of Care Diagnostics. The acquisition by Leda Holdings reflects a 4.2% yield.
The North Rocks industrial area is a small and difficult market to access for large scale logistics and warehouse uses, however it does provide an opportunity for last mile delivery services with an estimated 450,000 people living within 10kms of the site. A planning proposal was lodged for the North Rocks area back in 2015 to revitalise the precinct by increasing the flexibility in land uses and provide additional subdivision through a reduced lot size of 4,000sqm. The proposal had the support of the then Hills Shire Council however following the Council amalgamations and boundary changes in 2016, this area became part of the Parramatta City Council and the matter has not proceeded to changes to the LEP.
The site was acquired from long-term owners Robert and Ainslee Cole who acquired it in 1997 for just $7.4m.
Leda Holdings recently sold out of two industrial facilities in Sydney. The first at 5 Williamson Rd Ingleburn, which they sold to EG Funds Management for $38.2m, having paid $$24.75m in 2017. The second at 160 Newton Road Wetherill Park which was sold to Centuria Industrial Fund for #33.5m, having paid $20.5m in 2017.
The sale was brokered by Colliers.
Related Articles
