Arrow, Pindan Capital and Starwood seal $160m St Leonards deal

A consortium of three groups comprising the private Arrow Property Investments, WA-based Pindan Capital and US heavyweight Starwood has ­finalised its long running deal to buy a major St Leonards holding on Sydney’s north shore.

The three groups have just secured a seven storey, A-grade office building in St Leonards for more than $160 million from joint vendors Perth-based syndicator Australasian Property Investments Limited and Wingate.
 
The trio are cashing in on the area’s infrastructure boom and the growth in office rents in the area in keeping with their skills in commercial repositioning.
 
Matthew Dunn of Savills ­negotiated the off-market sale.
 
Located at 29-57 Christie Street, the building comprises 17,792sq m of net lettable area on a 7636sq m site and is about 150m from the new Crows Nest Metro Station and 300m from St ­Leonards train station.
 
The building houses Coca-Cola Amatil, GHD and Fitness First as major tenants, as well as offering three levels of basement parking, a child care and a cafe.
 
Perth-based APIL teamed with private real estate ­financiers Wingate Group to acquire the office and retail building from the unlisted Charter Hall Office Trust for $96.4m four years ago. “APIL and Wingate acquired the asset in 2014 as an office investment, ahead of the infrastructure changes in the area,” APIL ­managing director Peter Hughes said.
 
Wingate managing director, property Ryan Levin said the new Sydney Metro rail infrastructure and proposed planning amendments around the asset had allowed it to beat forecasts.
 
Source: The Australian