Metrolink Corporate Park has recently been sold for $143.3 million to Ascendas Business Park Trust No 1.
The Metrolink Corporate Park at 197 – 201 Coward Street, Mascot has recently sold for $143.4 million. The sale was arranged by JLL Mascot and CBRE South Sydney and the vendor was Frasers Property Australia. Frasers Property Australia, formerly Australand, is owned by Frasers Centrepoint Ltd, an international real estate company that began in 1988 as the operator of a single shopping mall in Singapore’s Orchard Road, and now boasts a worldwide portfolio with residential, commercial, hospitality, and industrial assets.
The purchaser, Ascendas Business Park Trust No 1, is wholly-owned by Ascendas REIT Australia, which was listed on the Singapore Stock Exchange in November 2002, and is managed by Ascendas Funds Management (S) Ltd, a privately owned investment manager.
According to South Sydney Cityscope, the Metrolink Corporate Park consists of two towers, with a total net lettable area of 22,000 sqm, and a multi-storey car park with 543 spaces. Tower A, a seven-storey A-grade building constructed in 2003, is the headquarters for TNT Australia and shares space with Moet Hennessy and Qantas. The seven-storey Tower B was built in 2004 and is leased by WestConnex New M5, Qantas, Northrop Grumman, and various travel agencies. The property is only 10 km from the Sydney CBD, 2 km to Sydney airport and 300 metres from Mascot railway station.
The sites were bought for $5.9 million in 1998 and developed by Australand. This sale, at $143.4 million, represented an initial yield of 6.83% on a passing income of $9,800,000 (net).