ASX-listed property group Abacus has sold off an office building in Sydney’s leafy suburb of Hornsby to an off-shore private investor for $22 million.
Located at 22-28 Edgeworth David Avenue, the building is fully leased with the ground-floor medical centre providing the anchors tenancy.
The building, boasting an area of 3505.6sq m and 73 car basement was sold at an initial yield of $5.68 per cent.
Given the property has significant development upside, the purchaser is believed to be considering their options and could turn the site into a residential development.
The deal was transacted by Savills’ Peter Tandy & Knight Frank’s Tyler Talbot, Richard Garland and Brett Burridge.
The Australian Financial Review also reported that Chinese developer Yuhu Group, brought the Pymble Corporate which is located near Hornsby Centre for $78 million. Another last purchase in the area included 123 Epping Road, North Ryde which was snapped up by B1 and Shimao Group from Charter Hall for $110 million.
