Dexus has offloaded a "non-core" asset in Macquarie Park in $231.2M sale to Goodman of its 11 Talavera Rd Business Park.
In this case, one man's trash is another man's treasure as Goodman seeks to increase their holdings in the precinct.
The property at 11 Talavera Road, comprises three A-grade buildings and includes two cafes, a restaurant, gym, swimming pool, tennis courts and a childcare centre with a total NLA of 35,700sqm and a WALE of 3.9 years.
Goodman's purchase price represents and initial yield of approx 5.56%, a market cap rate of approx 6.0% and a capital value of $6,476/sqm.
Dexus lodged a Development Approval for a new 26,000sqm building on the corner part of the site fronting Lane Cove Road and whilst Council support the application, RMS have not supported application, advising that an upgrade to Lane Cove Road / Talavera Road intersection would be required to cater for future traffic.