Acqualand Exit Macquarie Park Commercial asset
Aqualand have offloaded a commercial asset in Macquarie Park after a 3 year holding period, pocketing a 30% capital gain and a 6% yield.
Aqualand acquired the building at 40 Talavera Rd for $54m in July 2016 from Altis Property Partners at a yield of circa 5.7%. For Aqualand, the acquisition was a short term diversification from its established residential development ambitious. The group continue to hold a range of commercial assets in North Sydney including 132 & 146 Arthur St and 15 Blue Street.
Aqualand have now agreed terms to sell the 2.5ha Macquarie Park site to LaSalle Investment Management for $70m and a reported yield of circa 6.0%.
The 2.5 ha site contains 13,251sqm of commercial space which is leased to Edwards, BAE Systems with a 4 year WALE.
The property was sold by Knight Frank.