The nine-level office property on Wentworth Street in Parramatta, Sydney will be sold for $45.95 million, which Charter Hall DOF fund manager Steve Bennett said is a “positive outcome for investors”.
“The sale is a positive outcome for DOF investors and is a continuation of Charter Hall’s strategy which focuses on selling non-core assets, returning proceeds to investors and reinvesting new equity into higher quality office properties,” Mr Bennett said.
“The transaction follows a successful re-leasing program and the active asset management of the building to maximise its value and position the property for sale,” he said.
Charter Hall direct property head Richard Stacker said there has been “strong investor appetite” across its unlisted property funds.
“With the cash rate currently sitting at 2.5 per cent and investor confidence increasing, interest in direct property, which is providing a starting yield to investors of over seven per cent for high quality assets with moderate gearing, is proving to be a popular option,” Mr Stacker said.