Investa Commercial Property Fund Sells 6 & 7 Eden Park Drive
Investa Commercial Property Fund (‘ICPF’ or the ‘Fund’) today announced it has finalised the sale of 6 & 7 Eden Park Drive, Macquarie Park to Altis Property Partners (‘Altis’) for $81.8 million, reflecting approximately $4,500 per square metre1.
The 18,131 sqm, A-Grade building was completed in 2008 and designed by award-winning architect Architectus. Key tenants include Du Pont, CA Pacific and Nobel Biocare.
Peter Menegazzo, Fund Manager, ICPF said: “We’re very pleased to finalise the sale of this asset, which delivers on our strategy of investing in prime assets located in major CBD locations and divesting all suburban asset exposures.
“This strategy has been well supported by new and existing investors in recent years, with nearly A$1.0 billion in new investments committed in the last 12 months.”
The sale was brokered by Bevan Kenny and Mike Stokes of Chesterton International and Simon Fenn and Graeme Russell of Savills following an open market campaign.
Bevan Kenny of Chesterton said: "The property was marketed to both domestic and offshore markets and attracted strong bidding. Macquarie Park and other suburban office locations are right back on the radar of discerning investors looking for quality assets."
Simon Fenn of Savills added: "The level of interest in this asset and the sale to Altis is further evidence of Macquarie Park maturing as a commercial precinct. The redevelopment of Macquarie Shopping Centre, solid public transport links and the emergence of a growing residential market, mean Macquarie Park is well positioned as a business centre in the coming years."
ICPF is currently preparing to sell its other non-core asset, Kings Row in Milton, Brisbane. The Milton site was successfully rezoned in 2014, with a significant increase in allowable floor area granted and development approval for two residential towers comprising 293 apartments.
Mr Menegazzo added: “The Fund’s balance sheet is well-placed to make new investments in assets where we see good upside, and we will continue to assess prospective new investment opportunities as they arise.”