Real Estate fund manager EG Funds has acquired an office building for $32 million in Sydney’s northwest suburb of Pennant Hills.
The fund manager plan to refurbish and re-lease the vacant building, which sits on a 6400sq m parcel of land, with expectations precincts along the Pennant Hills Road corridor will benefit from the $2 billion NorthConnex major highway upgrade infrastructure project.
“The short-term ability to reposition the vacant building as a leased investment, coupled with the soon to be completed NorthConnex project means the property is well suited to the fund, which seeks to acquire strategic assets near new and upgraded infrastructure projects,” EG Funds associate director of capital transactions Sean Fleming.
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The 7 City View Road Pennant Hills property, in a deal brokered by CBRE, marks the latest addition to EG’s Yield Plus Infrastructure Fund No. 2 portfolio which focuses on investments linked to infrastructure.
Urban planning divisional director Urban Planning David Workman said the current B5 zoning provides flexible future options for the large landholding moving forward.
“Particularly given its proximity to the Pennant Hills Train station and town centre.”
EG Funds recently received the green light by the City of Gold Coast to build a twin tower high rise development that will feature 770 apartments and 400 hotel suites in the entertainment and nightclub precinct of Surfers Paradise.
The fund manager secured the Gold Coast site from Cromwell Property Group in 2010 for $42 million.