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Lane Cove West NSW
NLA 7,129sqm + 235 Car Bays
Purchased April 2013 • Sold December 2015
166 Epping Road is a commercial building located in an attractive bushland environment with views over the Lane Cove River. Located approximately 12km north west from the Sydney CBD and close to Macquarie Park and North Ryde.
The property was purchased on a passing yield of 13.46% and a fully let yield of 17.59% at well below replacement cost.
At settlement, the property was 80% leased to two international corporate tenants. Covidien (formerly Tyco Healthcare) and TV ratings company Nielsen Television Audience Measurement (Nielsen), both had been long term occupiers of the building and the lease extension followed their decision to take additional space to cater for their continued growth.
Both leases provided for fixed annual rental reviews of between 3.50% to 3.75%.
QE upgraded the space, ground floor lobby entrance and external facade of the building. Then undertook a leasing campaign to secure a tenant for the remaining space.
The vacant space, which had been vacant for several years, was fully leased within the first 12 months following settlement. Also improved the building amenities with the introduction of a café.
This property was sold in Dec 2015.