A not-for-profit aged care provider has purchased 16-18 Bridge Street in Epping for $18.65 million.
Constructed in 1989 the building has a net lettable area of 3,177 square metres and was sold on behalf of Peak Equities, an emerging Melbourne based fund manager who purchased the building for $14.2m in 2012 from Centuria.
The deal was brokered by Savills Australia and PropertyFox.
According to Tom Merrett of Savills Industrial & Business Services the office building was partially occupied and the new purchaser intended to occupy the remaining available office space.
“The emergence of Epping as a significant residential hub, and the growing rate of buildings being converted into residential has left Epping with a severe shortage of commercial buildings, which is why the purchaser was keen to lock in an option to accommodate their office requirement for the long term.”
Tim Fox of PropertyFox who represented the purchaser in negotiations said: “Given the organisations’ interests are largely Western Sydney centric, they were keen to be positioned within the Northwest growth corridor on the train line with excellent accessibility for staff.”
Located on a prominent corner position, 16-18 Bridge Street is within close proximity to transport, retail and commercial facilities. The building is approximately 200 metres from Epping Railway Station and 20 kilometres north-west of the Sydney GPO.
Mr Merrett added: "We are seeing this lack of leasing and purchase options for commercial tenants looking to occupy space long term all across the upper North Shore of Sydney due to residential conversion.”