Fund manager EG acquires former Roche Products site in Sydney's northern beaches for $55 million
Leading real estate fund manager EG has acquired the former Roche Products Australia facility in Sydney for $55 million, in a new addition to its Yield Plus Infrastructure Fund No. 2 portfolio.
The facility at 100 South Creek Rd, Cromer is 20 km north of the Sydney CBD.
It is close to the newly constructed $1 billion Northern Beaches Hospital, the $500 million B-line project for improved bus services to the CBD, and the recently announced Beaches Link Tunnel project. It is also near to the Dee Why Town Centre, which is undergoing refurbishment.
The property has a net lettable area of nearly 26,000 sqm and sits on a landholding of 74,670 sqm.
EG’s fund No. 2 was launched in 2016 and worth $750 million. It follows the success of its Yield Plus Infrastructure Fund No. 1 (YPI 1), which is known for its strategic acquisitions with future development upside, such as the recently developed Flour Mill of Summer Hill.
The fund also acquired a storage facility in Northcote in January for $13.45 million.
Its investment strategy includes assets along new or upgraded infrastructure around Australia.
“The proximity to new and upgraded infrastructure enhances the long term value of the site,” said associate director Capital Transactions Sean Fleming.
“There’s significant potential to reposition the asset into a multi-tenanted business park in the heart of the northern beaches. It can capitalise on the high levels of demand for quality industrial accommodation.”
The vendor was Roche Products Australia and the deal was brokered by Charles Gonzalez of Cushman and Wakefield.
