3M HQ trades on high yield
Quality Green Group has bought its maiden Sydney asset – a piece of North Ryde’s Riverside Corporate Park.
With a six level, 8079 square metre A-grade office fully leased to 3M Australia, and some 2836 sqm of laboratories – 1 Rivett Road is collecting $38.5 million – a high 13.8 per cent initial net yield.
3M Australia contributes to 85pc of the income.
The Australian Export Grains Innovation Centre also occupies a space.
Longer term, the 1.2 hectare parcel with 268 car parks holds development upside, adjacent to a block earmarked for over 500 apartments (story continues below).
Maiden Sydney deal
Quality Green Group is a Wollongong based office and retail investor; this investment is its first outside the Illawarra. MMJ Real Estate’s Chris Johnson brokered the deal.
North Ryde is about 14 kilometres north west of Sydney’s CBD.
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