Leading Wollongong based family office, Quality Green Group (QGG) has made its first property purchase outside of the Illawarra, acquiring 1 Rivett Road, North Ryde for $38.5 million.
This brand new 96 place licensed purpose-built child care centre located at 29 Morwell Street, Yanchep was auctioned this morning and saw 3 parties bid for the sought after investment.
In what sets a new benchmark for commercial asset sales in Wollongong, a 6,719m2 A-grade office building with a sub 5-year WALE has just sold for $33.3 million, reflecting a 7.25% nett yield and approx. $5,000/m2 of building area. The property, 77 Market Street, was sold by MMJ Commercial (Wollongong) on behalf of Medibank Private Limited.
Manufacturer 3M Australia has taken out a one of the largest suburban office leases in Sydney this year, committing to a new 10-year lease for the 8080 square metre office building at 1 Rivett Road, North Ryde.
Our developer landlord was seeking short term rental options prior to demolishing the building later in the year. MMJ Melbourne were able to source a tenant quickly due to the demand from retailers like Bat Your Lash for pop-up style spaces.
The Australian Taxation Office (ATO) has changed the rules for clearance certificates yet again this financial year. The new rule was implemented as part of the 2017 federal budget and was in effect from July 1st, 2017. It is due to affect approximately 60% of the housing market.