North Ryde premier office facility placed on the market
April 17, 2012
There is now an opportunity to purchase one of North Ryde’s premier office facilities, following the appointment of Colliers International and CBRE to 60-66 Waterloo Road.
Mark Martin and Malcom Tyson of Colliers International, along with Simon van Grootel and Simon Fenn of CBRE, will market the dual building asset via an on-market international expressions of interest campaign closing 17 May.
Mr Martin said the sale of investment grade assets in North Ryde have been limited in recent years with few offerings be placed on the market.
60-66 Waterloo Road comprises over 18,000sq m GLA across the two buildings and is fully leased to Laverty Pathology, Janssen Cilag and Merck & Co.
66 Waterloo Road was built just over five years ago and is regarded in the industry as one of the best commercial buildings in the market, being 5 Star NABERS rated A Grade accommodation.
“The market expectation is that buyers will be keen to consider the offering given the location of the asset, the quality of the buildings and the attraction of the lessee covenants, all of which are in growth sectors of the economy,” Mr Martin said.
“Macquarie Park/North Ryde is arguably Australia’s premier business park location.
“Thirteen of Australia’s top 100 ASX listed companies either own or occupy space in the precinct, with a multitude of international corporates also having their national headquarters in the suburb.
“The market has seen strong lessee activity in recent years, recording a substantial fall in vacant stock with the latest PCA statistics showing vacancy at 8.2 per cent, compared to 10.3 per cent 12 months ago.
“The tide is turning, particularly for A Grade stock, with rental indicators all trending in favour of owners.
“We expect we’ll receive strong enquiry from not only domestic groups but foreign institutional investors, who have returned to Sydney’s metropolitan office markets.
“Foreign institutions have exerted their dominance in recent times, being responsible for the three largest metro transactions last year, all in Sydney, including Growthpoint’s purchase last December of Gore Hill, Building C in nearby Artarmon for $82.7 million.
“We won’t be surprised 60-66 Waterloo Road yields a similar result.”
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