PropertyBank sells in St Leonards
Perth based investor, PropertyBank has sold an asset in booming St Leonards for 2.5x their 2013 purchase price.
The 3 levels commercial building at 110 Christie Street sold for $21.97m, reflecting a passing yield of 4.9%. The building is fully leased to Fremantal Media, who have occupied the building for over 20 years with a lease now expiring in 2024. The building was subject to a major upgrade in 2007.
The property has the potential for additional FSR and height limit controls proposed in the St Leonards & Crows Nest 2036 Draft Plan, however these are unlikely to come to fruition until well after 2022.
PropertyBank paid just $8.675m for the asset in 2013 which reflected a yield of 9.65% at the time.
The purchaser is undisclosed however CBRE and FoxProperty brokered the sale.