23/05/2017 - 15:30

Pindan gets solid return on Sydney sale

23/05/2017 - 15:30

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Pindan gets solid return on Sydney sale
The three-storey Warner Music Building in Crow's Nest has a net lettable area of 3,286sqm.

Pindan Capital has booked a near-$9 million profit after selling an office building in Sydney for $22 million.

Pindan announced today it had sold the Warner Music Building, after Sydney-based Sun Property made an unsolicited offer that represented a strong return for investors.

The Perth-based property funds manager and development group bought the building, located in Crows Nest, for $13.3 million.

Pindan Capital general manager Scott Staniforth said the deal, which achieved a yield of 4 per cent, represented a great return.

“The site has future commercial or residential development upside that will benefit from the new Crows Nest train station,” Mr Staniforth said.

Mr Staniforth said Pindan would continue to progress its other Sydney projects, including a 43-apartment development in Turramurra, and a mixed-use office and apartments development in North Sydney.

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