MPG buys, sells east coast investments
Melbourne fund manager MPG has bought and sold east coast investments for the Essential Services Property Trust.
In the biggest deal, the fund manager is paying $7.35 million for a strata titled childcare centre at Corrimal, near Wollongong.
Part of a six year old mixed use complex with 49 apartments and a ground floor dwelling, licensed for 122, it contains 1959 square metres, almost half (861 sqm) as a rooftop play area.
Occupier Little Zak’s is committed for 10 more years.
The deal, with Sydney based developer and investment house, Mintus, brokered by Stonebridge Property Group’s Jonathan Fox, reflects a six per cent yield.
Toowoomba office sold
Meanwhile, MPG has sold a government backed office in Toowoomba after nearly six years (story continues below).
The buyer of 146 Herries St is paying $7.04 million including GST.
With 1615 sqm over two floors, and 62 car parks (two at the front of the building), it occupies 3619 sqm.
The NDIS and state government’s Department of Environment & Science have been the long time occupiers.
MPG paid DeMartini Fletcher $7.4m.
Cushman & Wakefield’s Daniel Cullinane was the agent.
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