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The long awaited settlement of an A Grade commercial building in St Leonards has occurred with a consortium of three groups comprising Pindan Capital, Arrow Property Investments and Starwood securing a seven storey, A grade commercial building in St Leonards for [in excess of $160m] from joint vendors APIL and Wingate.
This transaction is an example of the rising demand in some of Sydney’s metropolitan suburbs, following new infrastructure spending.
Located at 29-57 Christie Street, the building comprises 17,792 sqm of net lettable area on a 7,636sqm site and is approximately 150 metres from the new Crows Nest Metro Station and 300 metres from St Leonards train station. The new Sydney Metro rail infrastructure positions this site just two stops from the Sydney CBD.
The building boasts Coca Cola Amatil, GHD and Fitness First as major tenants, as well as offering three levels of basement parking, a child care centre and cafe.
“APIL and Wingate acquired the asset in 2014 as an office investment, ahead of the infrastructure changes in the area.” Commented Peter Hughes, Managing Director at APIL.
Ryan Levin, Managing Director, Property at Wingate added, “The new Sydney Metro rail infrastructure and proposed planning amendments in and around the property presented an ideal opportunity to capitalise on behalf of our co-investors. As a result, we have been able to achieve returns beyond those originally forecast.”
Matthew Dunn of Savills Australia negotiated the sale.
Pindan Capital, Arrow Property Investments and Starwood join a list of developers in the immediate area including JQZ, Country Garden, Poly, Mirvac and New Hope / VIMG.