New South Wales
SYDNEY - $23.8 million
EG’s Mungo Scott Building, situated within the award-winning Flour Mill of Summer Hill precinct, has been acquired for $23.8 million.
EG’s recent transaction of the iconic Mungo Scott Building totals 3,510 square metres and has an occupancy rate of 85%. The multi-tenanted building had a weighted average lease expiry of 3.6 years.
Knight Frank's Jonathan Vaughan, Antony Pirrottina, Demi Carigliano, in conjunction with Jason Wright, Chris Bailey and Liz Assadourian from GJS brokered the on-market transaction. The property was purchased by a Sydney-based private investor.
TEMPE - $7.265 million
A local private investor has paid $7.265 million for an early education asset in the thriving inner-west Sydney suburb of Tempe.
Burgess Rawson’s Michael Vanstone said the sale price reflected a firm yield of 5.32%.
Mr Vanstone said demand for childcare assets is strengthening with 2024 recording tighter yields than those achieved in 2023.
Located at 22a Hillcrest Street, the architecturally designed purpose-built centre is leased to renowned operator Regio Emilia on a 12+5+5+5-year basis. The 69-place LDC centre generates a net annual income of $386,342 with annual rent increases the greater of CPI or 3.0%.
Western Australia
CANNING VALE & MIDVALE - $21.7 million
Two bus depots in Perth have been sold as part of the Canning Vale and Midvale Industrial portfolio.
Sold by JLL's Matt Brunsdon, Chris Monterosso and Brett Mathanda, the properties located at 279 Bannister Road, Canning Vale and 14 Rothschild Place, Midvale operates as major bus depots and sit on a combined land holding of 4.1 hectares.
