Contracts Exchanged for 2-14 Elsie Street Burwood
AsheMorgan is pleased to announce the exchange of contracts for 2-14 Elsie Street Burwood from the Australian Executor Trustees Limited (EG Funds Management) for $37.35m.
The property comprises a regular 2,642sqm parcel of land located within 100m of Burwood railway station and 150m from Burwood Westfield Shopping Centre. Burwood is located some 10km south west of the Sydney CBD. Currently constructed on site is a 6 level commercial office which was built in the late 1980’s.
The building has 2 below-ground car park levels, ground floor, and 6 office levels and main plant room at roof level 7. A total lettable area of approximately 6,400sqm is provided. The building is wholly tenanted by Transport for NSW – Transport Services – a State Government agency.
Net income of $2.74m represents a passing yield of over 7.4%.
The property provides additional development potential with surplus FSR available under the current planning constraints of the Burwood Council. A preliminary design scheme has been drawn up which reflects the potential for a residential tower to be built on the site to accommodate up to 70 apartments.
Settlement of the property is subject to finalisation of a rent review being completed by EG Funds Management which is expected to be completed by the end of the month.
The purchase of this property represents a strong investment opportunity with significant potential upside.