• Fri. Feb 23rd, 2024

    Taylors House in Waterloo Acquired by Cambridge Real Estate Partners for $86.95 Million

    ByNuala Hafner

    Jan 31, 2024
    Taylors House in Waterloo Acquired by Cambridge Real Estate Partners for $86.95 Million

    Cambridge Real Estate Partners has made a significant acquisition in Waterloo, Sydney, with the purchase of Taylors House for $86.95 million. The building, located at 965 Bourke Street, was purpose-built 22 years ago for Taylors College, which still occupies the majority of the space. The property was part of Fortius Funds Management’s portfolio, acquired by Growthpoint in 2022.

    Taylors House offers 11,024 square meters of 9B accredited lettable area spread across four floors. With 96 car parks, the building provides ample parking space for tenants. However, the rents were below market rates, making it an attractive investment opportunity. The renewal of the college’s lease for 7.5 years further adds to the property’s stable income.

    The strategic location of the 4002 square meter corner site presents development potential. Zoned MU1 Mixed Use, a residential or medical-based project could be considered for future development. The upcoming Waterloo Metro station, set to open this year, adds to the property’s appeal, making it easily accessible for tenants and visitors.

    The acquisition was facilitated by JLL and Colliers, with James Barber, Luke Bailliau, Mitch Noonan, Adam Woodward, James Mitchell, Michael Crombie, Gillian Kaplan, and Lucy Mallick acting as agents.

    This acquisition comes on the heels of the recent purchase of the Waterloo site by a partnership backed by Aware Super for a build-to-rent project. The demand for properties in Waterloo continues to grow, driven by its central location and development potential.

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    FAQ Section:

    1. What property did Cambridge Real Estate Partners acquire in Waterloo, Sydney?
    Cambridge Real Estate Partners acquired Taylors House, located at 965 Bourke Street, for $86.95 million.

    2. Who was the building originally built for?
    The building was purpose-built 22 years ago for Taylors College, which still occupies the majority of the space.

    3. Who was the property acquired from?
    The property was part of Fortius Funds Management’s portfolio, which was acquired by Growthpoint in 2022.

    4. How much lettable area does Taylors House offer?
    Taylors House offers 11,024 square meters of 9B accredited lettable area spread across four floors.

    5. How many car parks are available in the building?
    The building provides 96 car parks, offering ample parking space for tenants.

    6. Why was the acquisition considered an attractive investment opportunity?
    The rents at Taylors House were below market rates, making it an attractive investment opportunity. Additionally, the renewal of the college’s lease for 7.5 years adds to the property’s stable income.

    7. What is the development potential of the site?
    The 4002 square meter corner site is zoned MU1 Mixed Use, presenting potential for future development, such as residential or medical-based projects.

    8. What is the upcoming development near the property that adds to its appeal?
    The Waterloo Metro station, set to open this year, makes the property easily accessible for tenants and visitors, adding to its appeal.

    9. Who facilitated the acquisition?
    The acquisition was facilitated by JLL and Colliers, with several agents involved, including James Barber, Luke Bailliau, Mitch Noonan, Adam Woodward, James Mitchell, Michael Crombie, Gillian Kaplan, and Lucy Mallick.

    10. What is driving the demand for properties in Waterloo?
    The demand for properties in Waterloo continues to grow due to its central location and development potential.

    Definitions:
    Lettable area: The total area available for rent within a building or property.
    MU1 Mixed Use: A zoning designation that allows for a mix of different types of land use, such as residential, commercial, and retail.
    Build-to-rent project: A development project where a property is specifically built with the intention of being rented out rather than sold.

    Related Links:
    Cambridge Real Estate Partners
    Growthpoint
    JLL
    Colliers