Chinese residential developer Aqualand purchases property from Altis for $54 million.

A property with a site area of over 25,000 sqm in the industrial suburb of Macquarie Park has been sold for $54 million. 40 Talavera Road has changed hands in a sale arranged by Gavin Bishop, Roger Miller and Jon Chomley of Colliers International. Private equity group, Altis Property Partners, was the vendor, a group controlled and founded by Paul Notaras, Shaun Hannah, Alastair Wright and Chris Packett, and with currently over $2 billion worth of assets under management.

Chinese residential developer, Aqualand, was the purchaser, which began life as a family company, Shenglong Group in 1999. Founded by Yi Lin and expanded when his cousin, Joseph Lin, joined the company, Aqualand now develops residential complexes, high-rise office buildings, and five-star hotel complexes across Asia, Europe, the UK, North America, and Australia. 

The property, according to Macquarie Park Cityscope, is a complex of single and two-storey buildings with offices, high-clearance warehouses and open-air parking with a total of 379 car spaces. With a net lettable area of 13,215 sqm, the property’s major tenants include BAE Systems Australia, Carl Zeiss, and Edwards Lifesciences. 

The site previously traded at $28.2 million in 2013. This sale at $54 million represented an initial yield of 5.79% on a passing income of $3.12 million (net).