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Lane Cove

2 Lincoln Street, Lane Cove NSW

Equity syndication

Commercial office/warehouse acquisition

Acquisition date: February 2015

Purchase Price: $16.8 million

Target cash return: 9.75% p.a. in year 1 growing to 10.75% p.a. in year 5

Target Investor IRR: 15-17%

Overview

The office/warehouse property is located in the established Lane Cove business park/industrial precinct approximately 11 km from the Sydney CBD. The property comprises net lettable area of 9,306m2 comprising 3,180m2 of office and 6,126m2 of warehouse. On acquisition the property was 94% leased to a mix of 4 muti-national and national tenants with a weighted average lease expiry of 4 years.

Investment Strategy

The property provides strong underlying cashflow to investors underpinned by a diverse range of strong tenants. In addition there is significant value-add potential, in the medium term, to reconfigure the property to create a mix of strata title office, industrial units and storage units and potentially a childcare facility.

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