A twin-tower office in Artarmon has sold to Sydney private investor Justin White of Jadan Property Group for $16.1 million. The sale follows a successful leasing campaign by Denison Funds Management, who secured tenants for over 3,000 square metres in the property at 407 Pacific Highway.
Knight Frank Directors Tyler Talbot and Dominic Ong, and David Bolt and Chris Hartigan of Hartigan Bolt, marketed the property on behalf of the vendor. The sale reflected an equated yield of approximately 8.5 per cent including incentives.
The building features approximately 5,991sqm of office plus 131 car spaces. Fully leased to five office tenants and featuring a café, the property has an income before incentives of approximately $1.57 million per annum and a Weighted Average Lease Expiry (WALE) of five years.
According to Mr Bolt, “The property is well-positioned for growth, with tenant demand continuing to strengthen on the North Shore. This is a 100 per cent-leased investment, offering long-term security of income and growth prospects.”
Mr Talbot said the property attracted strong interest from both local and overseas buyers.
“This type of investment stock is highly sought after, offering secure long-term cash flow, being close to major infrastructure and having future re-development potential.’