The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
LESS THAN 2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 2 WEEKS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
6
print
Print
OfficeRenee McKeownWed 15 Apr 20

EG Nabs Mascot Police Station for $19.25m

71876acf-9a8e-4796-a8cc-32a8aff939be

Sydney-based fund manager EG has snapped up Mascot Police Station for $19.25 million, announcing plans to improve the energy-efficiency of the building as part of its sustainability trust.

NSW police have occupied the 2,888sq m office building at 965 Botney Road, Rosebery since 2009.

The building has a weighted average lease expiry of 5.9 years and is located between the Sydney CBD and airport.

The site was purchased by the vendor in 1997 for $7.25 million by private treaty as the Sydney's real estate market was taking off—with the property increasing in value by nearly $600,000 in just over a year.

Prior to Covid-19, the vacancy rate in Sydney's office market was at a record low of 3.9 per cent.

EG has been involved in a number of real estate transactions despite the pandemic including the sale of the Gold Coast’s Circle on Cavill for $61.8 million to Macau gambling mogul Loi Keong Kuong.

EG fund manager Michael Noblet said Mascot Police Station would become part of their High Income Sustainable Office Trust.

“EG is pleased to transact on this asset despite the uncertain times we face as a nation,” Noblet said.

“The asset has a long lease to the Government, providing income security during this period of volatility.

“EG will focus on cost effective capital works and operational improvements to reduce carbon emissions.”

Noblet said the asset was targeted for its opportunity to reduce energy consumption and carbon emissions and improve the Nabers energy rating.

In April 2019, Tasplan Superannuation Fund committed $50 million to the trust who participated in the Mascot Police Station acquisition.

The trust has also acquired assets East Block and 42 Macquarie Street in Canberra as well as 95 North Quay, Brisbane.

OfficeAustraliado not useReal EstateDeal
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
View All >
Inglewood Beaufort Street rendering front HERO
Residential

Apartment Scheme Revealed for Perth Heritage Strip

Leon Della Bosca
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
Perth Glory Playbook: Ross Pelligra on Property and Sport
Community

Pelligra’s Playbook: Building Property, Sport Synergies

Renee McKeown
The Perth Glory A-League side is on the cusp of a new era, driven by its owner’s bold sports development hub play…
LATEST
Inglewood Beaufort Street rendering front HERO
Residential

Apartment Scheme Revealed for Perth Heritage Strip

Leon Della Bosca
3 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Perth Glory Playbook: Ross Pelligra on Property and Sport
Community

Pelligra’s Playbook: Building Property, Sport Synergies

Renee McKeown
3 Min
Residential

Fortis Plots Placemaking Project at Hamilton

Taryn Paris
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/eg-buys-mascot-police-station