Purchase Date: 17/02/2016
Purchase Price: $21.1 million
This property has a mixed use zoning and is located within just a few minutes’ walk to Central Railway Station, Central Park, Broadway Shopping Centre, University of Sydney and University of Technology. Whist the site provides for an excellent land bank, a new 10 year lease has been agreed with Navitas Ltd underpinning strong and secure rental returns into the future. As part of this agreement, the building will undergo significant services upgrades.
Purchase Date: 05/08/2015
Purchase Price: $8.5 million
This property presented itself as a repositioning opportunity from the outset. Planned works will primarily revolve around the replacement of the building’s façade and upgrades to the external landscaping. This building comprises approximately 1,900 sqm of NLA and 52 car parking bays sitting on a site area of 1,041sqm. This property was bought on a passing yield of circa 8% and a rate per sqm of NLA of $4,473 (including car parking). The building has significant rent reversion potential down the track and is under developed based on current FSR’s. All floors have good district and harbour views.
Purchase Date: 05/05/2015
Purchase Price: $18.5 million
A high profile building comprising of 4,464 sqm of NLA and approximately 120 car parking bays sitting on a substantial site area of 2,434sqm. This property was bought on a passing yield of 9% and a rate per sqm of NLA of $4,144 (including car parking). The building has significant rent reversion potential down the track and is under developed based on current FSR. All floors have good district and harbour views.
Purchase Date: 15/08/2014
Purchase Price: $10.85 million
A boutique commercial office building comprising 2,079 sqm of NLA and 50 car parking bays. The property was bought on a passing yield of 9.26% and is underpinned by a new lease to Aspen Pharmacare Australia Pty Ltd. The building services have been subject to major recent upgrades. The underlying zoning also allows for future residential development.
Purchase Date: 30/07/2014
Purchase Price: $3.1 million
A five level commercial office building comprising 1,162 sqm NLA and 10 single car parking bays. The property was bought on a sub 5% passing yield. With office rents in the building sitting at an average of $70 per sqm net there is significant rent reversion potential down the track. The intention is to carry out a major refurbishment of the property and reposition.
Purchase Date: 17/01/2014
Purchase Price: $13 million
A prominent seven level commercial office building comprising 4,076sqm of NLA and 112 car parks. The property was bought on passing yield of 9.58% with a potential passing yield of 13% when fully leased. The building will undergo refurbishment to reposition the asset and further strengthen its profile in the market. The properties underlying zoning also allows for residential use.
Purchase Date: 09/07/2013
Purchase Price: $8.675 million
A two level boutique office building comprising 1,608sqm that was subject to a major base building and tenancy upgrade in 2007. The property was bought on a fully leased yield of 9.65% and is underpinned by a long term lease to FremantleMedia Australia.
Purchase Date: 05/07/2013
Purchase Price: $19.75 million
A 6 level office building occupying a prominent corner location comprising 3,503sqm including 304sqm of prime retail space. The building was bought on a fully leased yield of 9.87% and will undergo refurbishment to reposition the asset and further strengthen its profile in the market.
Purchase Date: 02/07/2012
Purchase Price: $15.6 million
A 5 level office building comprising 3,540 sqm of NLA with some significant recent plant and equipment upgrades. The building was bought on a comparatively tight yield of 8.7% however significant rent reversion opportunities exist down the line along with multiple exit strategies.
Purchase Date: 10/05/2012
Purchase Price: $25.5 million
A 9 level office building comprising 6,427sqm of NLA with some major services having been recently upgraded.
This building was bought with approximately 40% of the building vacant providing significant potential upside to the deal.
Purchase Date: 16/03/2012
Purchase Price: $59.55 million
A 7 level office building (and smaller 3 level building on Pacific Highway) that underwent a major refurbishment in 2009 comprising 11,353sqm of NLA. The building was purchased on a fully leased yield of 9.25%.
Purchase Date: 15/04/2011
Purchase Price: $8.95 million
A 3 level office building which underwent a major refurbishment in 2002 comprising 2,596sqm of NLA. The building was bought on a fully leased yield of 9.10%.
Purchase Date: 01/04/2011
Purchase Price: $22.25 million
A 12 level office building that underwent a major recent refurbishment comprising 4,928sqm of NLA. The building was bought on a fully leased yield of 10.3%.
SOLD FOR $23.5M AUGUST 2016
Purchase Date: 13/12/2010
Purchase Price: $11.3 million
A 3 level office and showroom building comprising 3,184sqm of NLA. The building was bought on a comparatively low initial yield however with significant rental reversion opportunities.
Purchase Date: 08/10/2010
Purchase Price: $18.35 million
A modern 3 level office building within Richmond Corporate Park comprising 5,121sqm of NLA. The building was bought on a fully leased yield of 8.92%.
Purchase Date: 20/01/2010
Purchase Price: $19 million
A 10 level office building located on the fringe of the North Sydney CBD comprising 6,218sqm of NLA. The building was bought on a fully leased yield of 12.9% with minimal vacancy.
Purchase Date: 23/06/1997
Purchase Price: $5.1385 million
This Shopping Centre has been in the portfolio since 1994 and continues to provide substantial returns to investors.
Purchase Date: 08/10/1993
Purchase Price: $5.45 million
This Shopping Centre has been in the portfolio since 1993.
In addition to the above commercial portfolio PCAL also manages interests in two residential developments.
Vasse Newtown, Busselton, WA – this significant land project is a joint venture with Perron Group.
The Masters, Mona Vale, NSW – a joint venture development comprising 40 high quality apartments and is managed by IPM.
*Properties managed under PCAL (AFSL 260780).