Lester Group Trade out of Macquarie Park with 78% gain
Lester Group have sold an asset in Macquarie Park which they acquired in 2015, pocketing a 78% capital gain over the 4 year holding period.
The property, at 12 Waterloo Road, comprises a four-level office building with 86 car parking space and 3,887sqm of NLA.
Lester Group paid $14.56 million in 2015 (well below replacement cost) at a passing yield of 8.8% and obtained a 12 month rental guarantee from the vendor for a 500sqm vacant tenancy.
Lester Group undertook some capital works to improve the visual appearance of the asset including the external painting, improvements to the ground floor and upper level lift and toilet amenities as well a reconfiguration of the the Level 2 vacancy.
Lester Group renewed leases for approx 2,200sqm of the space including the entire ground floor which was leased to the Montessori Academy childcare centre who committed to a 20 year lease.
The property was fully leased at the time of sale.
CI managed the sale process on behalf of Lesters.