RF Corval in Sydney market again with $62m Macquarie Park buy
Funds manager RF Corval is back buying in the Sydney office market and has quietly picked up the Novartis Macquarie Park Building for about $62 million.
The six-storey office building has onsite parking for 106 cars and was completed in early 2016. RF Corval assembled a syndicate of wealthy investors to buy the A-grade office asset.
The complex spans 8134sqm and Novartis took a six-year lease back over a large slice of the building that sold on a rate of about $7650 per square metre.
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Colliers International’s Jon Chomley and Sophie Tieman brokered the deal for the Swiss pharmaceutical group Novartis.
The building sits just 300m from the train station as the area sees a burst of development.
The complex at 54 Waterloo Rd is in the hot suburban office precinct of Macquarie Park, where values are rising. The innovatively designed asset is anchored by the pharmaceutical company and the buyer will also seek out tenants for remaining space over two floors.
Most of Macquarie Park comprises A-grade buildings. Vacancy is at a tight 3.8%, with rents having grown from about $400 per square metre to more recent levels of about $470-$480 per square metre.
The building sports large open floor plates of up to 1541sqm, situated around a side services core, and a 4.5-star NABERS energy rating. It has full-length windows giving natural light and outlook and four glass lifts.
Inside it has polished concrete floors and chilled beam airconditioning, with an in-house cafe, end-of-trip facilities, basement parking and rooftop barbecue and entertainment area.
In a separate play, developer John Holland is close to unveiling a buyer for the office complex it is undertaking in the northern Sydney suburb, with the listed Growthpoint identified as the prospective buyer of the building.
This article originally appeared on www.theaustralian.com.au/property.
