A commercial building in the industrial area of South Sydney has changed hands for $113.5 million in a sale arranged by Michael Crombie of Colliers International Sydney South and Scott Gray-Spencer and Michael Andrews of CBRE (Sydney). Altitude Corporate Centre at 163 O'Riordan Street has been sold by Goodman Australia Industrial Fund, an unlisted property fund established in December 2005.
The property is located in Mascot which is rapidly gaining a residential feel amongst the hub of industrial, commercial and near-airport hotel properties. The Altitude Corporate Centre is an A-grade, 10-storey commercial building which was completed in 2007 and has car parking for 355 vehicles. With a net lettable area of 13,500 sqm the building occupies a large block of 4,773 sqm, has a 5-star NABERS rating and is 100% leased. Its major occupants include Electrolux, Bisley Workwear and Winc Australia.
The Altitude Corporate Centre was purchased by Cromwell Property Group. The sale, at $113.5 million, represented an initial yield of 5.73% on a passing income of $6,500,000 (net).