Pindan Capital continues east coast growth

Property funds manager Pindan Capital has acquired two substantial Sydney sites in off-market transactions to continue its significant growth on the East Coast during the past 12 months.

Pindan Capital has syndicated both acquisitions through its network of high net worth clients.

A 54-apartment development site in Turramurra on the east side of Pacific Hwy has been purchased for $14.2 million. Pindan will start marketing the project in the next few months, with Savills the appointed agent.

The site on Cameron Park is approximately 150 metres from the train station and town centre. The transaction was negotiated by Neil Cooke of Savills. 

Scott Staniforth, General Manager of Pindan Capital said the five-storey development has been designed by leading architects, Rothe Lowman, and its eye-catching appearance draws on a range of features in the local community.

“Through collaboration with the local council, the architects have designed a striking building that captures the heritage embodied in the stately homes and private schools in the area,” said Scott.

Significantly, each apartment will feature sweeping corner views, which is a rare achievement in apartment developments of this scale.

Pindan Capital’s second purchase is the current Warner Music site located on Albany St, Crow’s Nest for $13.3 million. 

The three-storey office building has a net lettable area of 3,286sqm and one level of basement parking for 40 cars. The 1,609sqm site has three street frontages making it an attractive long-term development proposition. Warner Music has already signed a five-year lease for the top floor.

Scott Staniforth said the purchase reflected the continuing strong demand in the Sydney market for income-producing assets with good tenant covenants.

“With Warner Music underpinning the rental income and the proposed Crows Nest train station nearby, the property is ideally located for future development,” he said.

“Pindan Capital is already well known for its residential developments and we are now looking to grow our commercial property portfolio as there are many investors seeking assets with solid yields.”

The Warner Music site transaction was negotiated by Simon Kasprowicz of CBRE.

Starting from its original Perth base, Pindan Capital has substantially grown its presence in Sydney and Brisbane and now has a substantial proportion of its operations on the East Coast.

Construction is about to commence on East Lane in North Sydney, a joint venture development with WINIM that has successfully reached its presale target. East Lane comprises 36 apartments and a ground floor commercial space.

Other developments include a major apartment project in South Brisbane by joint venture HostPlus and Roxy Pacific, with Pindan acting as the development manager. The same investors have also acquired the substantial Caltex redevelopment site at North Fremantle in Western Australia under the same structure.

“Both of those investors weren’t really looking at WA, but through the process they saw the North Fremantle site and saw a good investment opportunity, which is exactly what we wanted to be able to do,” Mr Staniforth said.

“Pindan’s model of building partnerships means we are doing more than one project with our respective clients.”
Scott Staniforth, General Manager, Pindan Capital

The east coast focus is also a key plank of Pindan Capital’s strategy of building a diversified portfolio for its investors, Mr Staniforth said.

“Every market in Australia is different, every capital city at the moment is going through different stages, so to have access to those markets helps our investors and obviously helps the group,” he said.

“You try and buy at the right times in the cycles and the like, so we have to be careful, especially in east coast markets, which are getting to the top or have just passed the top.

“But there is still good buying there, as there is in WA, where the cycle is towards the bottom.

“Having the ability to play in all of the markets is very beneficial to the group.” 

Pindan Capital is part of the Pindan Group, an integrated property and construction company with near on 40 years’ experience in all facets of the industry.

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