Real Asset Management acquire Burwood building

Real Asset Management have acquired a property in Elsie St Burwood for $49.0M. The 1588sq m site traded on a tight yield of 6 per cent, reflecting its position in the heart of Burwood. The tower has 6400sq m of lettable office accommodation, which is fully occupied by the NSW government’s Department of Transport. The department has agreed to extend the lease to 2023 with an option to extend it for a further three years to 2026. The building on Elsie Street was sold by investment group Atlas Property Holdings, which also developed apartments on another part of the site. #Commercial