Pindan Capital books significant profit on Crows Nest NSW sale
Pindan Capital has exchanged contracts on the Warner Music building on Albany St, Crows Nest in NSW to Sun Property for $22 million.
The property was purchased in March 2016 for $13.34 million. Pindan Capital syndicated the acquisition of the strategically located 1609sqm site, through its network of high net worth clients.
Scott Staniforth, General Manager of Pindan Capital, said that the decision had been made to sell the property after a strong offer was received that represented an excellent return for investors.
Since purchasing the building Pindan Capital has leased the ground floor for 5 years to align with the other leases, which will enable a development to commence after 2021.’
The three-storey office building has three street frontages and a net lettable area of 3,286sqm, with basement parking for 40 cars.
Mr Staniforth said the acquisition and sale of the Crow’s Nest property demonstrated Pindan Capital’s ability to identify and achieve value for investors in the Sydney property market. The medium-term development site, located at 39-47 Albany Street, sold at a yield of circa 4%. Knight Frank’s Director, Asian Markets, NSW Andy Hu and Managing Director of North Sydney, NSW Angus Klem exclusively managed the sale.
Pindan Capital continues to progress other developments in Sydney including a 42 apartment development site in Turramurra on the east side of Pacific Hwy, and the East Lane mixed-use office and apartments site in North Sydney.
Mr Staniforth said Pindan Capital believed that there were still excellent opportunities in the Sydney market for its clients based on good site selection and a disciplined approach to investment.
Pindan Capital is part of the Pindan Group, an integrated property and construction company with 40 years’ experience in the industry. Starting from its Perth base, Pindan has grown its presence in Sydney and Brisbane and now has a substantial proportion of its operations on the East Coast.
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