Misc

Macquarie Goodman adds to South Sydney estate

Macquarie Goodman Industrial & Capital Trusts have bought 1.5ha next to their 5.5ha Mitchell industrial estate in the Alexandria suburb of South Sydney for $A19.13 million.

Monday, January 24th 2005

The existing 7994m² of improvements could return a net $A1.3 million/year in rent, but the group is looking at the estate’s expanded development potential.

“Over the medium to long term, the combined site has the location & zoning to add significant value to the trust,” Macquarie Goodman Funds Management Ltd fund manager Nick Kurtis said.

“The Alexandria precinct continues to undergo significant urban renewal. In securing this site, the trust will aim to capitalise on existing customer demand for well located industrial accommodation, while assessing options for complete site redevelopment to leverage off the changing land use dynamics in this precinct.”

The property, at 165 Mitchell Rd, is near the Erskineville village & station. The combined site has a South Sydney City Council zoning of 10 (mixed uses).

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