Chinese residential developer Aqualand has snapped up a 13,215 sqm office and warehouse property in the booming residential and business park precinct of Macquarie Park in Sydney's north shore for a reported $54 million, according to The Australian Financial Review.
Altis Property Partners sold the property through Colliers International.
"The sale of 40 Talavera Rd comes as Altis is recycling capital from its earlier funds whilst strategically targeting investment acquisitions for current funds and mandates," Altis director Shaun Hannah said to The AFR.
The tenanted building has two street frontages and a large proportion of its warehouse areas have been converted to air-conditioned technical and production spaces. It also has 316 parking spaces.
Tenants in the building include BAE Systems and Carl Zeiss and the weighted average lease expiry for the property is 5.1 years, The AFR reported.
Altis currently manages a high quality commercial portfolio of Office, Industrial and Bulky Retail assets valued in excess of $2 billion on behalf of its investor clients.