The investment is the third time that Grosvenor has successfully partnered with Propertylink in Australia in recent years. Grosvenor has committed AUD$40 million of equity to POP3, and Propertylink intends to introduce other investors to POP3 over time, targeting similar high quality strategic assets.
Stephen Day, Propertylink Managing Director, commented: “We are very pleased to be partnering again with Grosvenor. We are positive about the future for office investments in the Sydney CBD and major non-CBD markets such as North Ryde, North Sydney, Parramatta, Chatswood and Macquarie Park, and with the tremendous development of Sydney’s rail and road infrastructure and tenant demand we will target further investments in these key markets.”
Chris Taite, Group Investment Director, Grosvenor Group said: “Propertylink has proven its ability to buy well and deliver on its active asset management strategies. This vehicle is another opportunity for Grosvenor to secure access to good assets in Australia, with strong income and upside potential.”
The four buildings at North Ryde, Sydney, NSW are: 1 Lucknow Road, 12 Julius Avenue, 10 Julius Avenue, and 10A Lucknow Road. The assets have been acquired from funds managed by Blackstone.
The assets occupy a large land holding within North Ryde’s hi-tech office precinct. The precinct is serviced by Epping Road, the M2 Motorway & Delhi Road, providing efficient direct access to the Sydney CBD & surrounding office markets. The properties are three kilometres North West of the recently re-developed Macquarie Centre, Sydney’s largest suburban shopping centre. Several Chinese developers including Greenland and Country Garden have recently commenced or announced significant residential developments nearby.
The portfolio’s key features are a total site area of 24,480m2, Gross lettable area of 20,455m2, a 5.02 year weighted average lease expiry (WALE) and 624 car parking bays. Major tenants include Revlon, BOC and Rexel Group.
These acquisitions follow Propertylink’s successful office and business park acquisitions in the past two years in Pitt Street in Sydney’s CBD, Miller Street in North Sydney and Talavera Road North Ryde, now totaling over AUD$500 million in value. Each of these acquisitions have been integrated into the Propertylink portfolio and have high quality income in the medium term and significant refurbishment or redevelopment opportunities longer term.
For more information contact:
In UK / Europe:
Grosvenor Press Office
020 7312 6479/6101
Helen Henderson, Principal
Helen Henderson & Associates
+ 61 421 054 755
Notes to Editors
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. We create high-quality places for people to enjoy and which use resources sustainably.
Grosvenor believes that there is an opportunity for cities to grow in ways that are socially, economically and environmentally resilient in the face of global challenges. Grosvenor’s long-term success in responding to these challenges depends on an imaginative approach to designing individual buildings, our large-scale placemaking activity, and the expertise of our staff. We strive to bring new ideas to the creation of sustainable cities for future generations, while encouraging other city stakeholders to play their part.
We aim to grow our understanding and knowledge of cities and the challenges and opportunities facing them, and by doing so to evolve our ‘Living cities’ philosophy. Our legacy will be the measure of our success as city stewards and creators of long-term value.
Today we have 17 offices in 11 countries and assets in 16 countries. We have regional investment & development businesses in Britain & Ireland, the Americas and Asia Pacific. Our international fund management business operates across all these markets and also Continental Europe. We also have indirect investments, managed centrally. As at 31 December 2014, the Group had total assets under management of £11.4bn. Unusually for a private company, Grosvenor publishes a detailed reporting suite - Annual Review, Financial Statements, Environment Data and index of sustainability reporting under the GRI initiative - available at: www.grosvenor.com