Marprop Property Group have acquired two B Grade buildings in Newcastle for $35.3m, reflecting a yield of 6.5%
The properties at 51 & 61 Bolton Street are home to a number of tenants with the Newcastle Family Law Courts being the sole tenant in 61 Bolton Street. The two buildings have a total lettable area of 6,142sqm, weighted average lease expiry of 8.7 years, and include 85 car spaces.
The vendor, Eagle Property Group acquired the buildings in May 2018 with 5 years lease remaining on the Family Law Court. The Group were able to negotiate a new 15 year lease before offloading them to Marprop. The Group also own a four level office and retail building opposite Charlestown Square Shopping Centre, in a Fund which is due to terminate in 2021.
The Bolton Street asset was sold via CBRE and the Commercial Collective.
Marprop have been relatively active in the last few years with the acquisition of 14 Moore Street, Canberra for $59m and 157 Walker Street North Sydney for $78m both on behalf of German pension fund GLL Real Estate Partners. While in 2018 they acquired 541 St Kilda Rd Melbourne VIC for $65m and also traded 88 Walker Street to Billbergia for $32.25m.
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