THANKS to a market turnaround, MacarthurCook Office Property Trust has made a sizeable profit from selling an office building in North Sydney for $69.6 million.
The property at
MacarthurCook’s fund manager of office property Sally Williamson said the trust acquired the property for $54.4 million in late 2005 amid a pessimistic market sentiment for office property in
“As we foresaw, the sentiment subsequently changed and this, together with our active management and leasing strategy, has resulted in the excellent sale price achieved for trust unitholders.” he added.
The sale reflects at 28% increase on the purchase price back in 2005.
The 13 level office building has a net lettable area of more than 12,000 sqm, with key tenants such as Altiris
MacarthurCook’s managing director Craig Dunstan said while the group ordinarily look to hold assets long-term, the offer presented a good time to realise the investment and look for other value-added opportunities for the trust.
“MacarthurCook intends to secure assets which will deliver capital growth through pro-active asset management, re-leasing and the repositioning and/or refurbishment of the assets.
“Our short-term target locations are Sydney and Melbourne to further diversify the geographic spread of the Trust. In the longer term, we will look for acquisitions in
Australian Property Journal
