Cambridge Street, Epping
Property Investment/Development
Cambridge Street, Epping is a 5 storey commercial office building built in the early 1980’s providing approx 2,300sqm of offices plus 75 car spaces on a site of approx 1,917sqm.
The property offered considerable potential to add value through active management and internal refurbishment. The property is very well located almost immediately opposite the new Epping bus and rail interchange that provides a direct link to Chatswood.
The building is approximately 80% occupied with 2 suites that had recently vacated. Most occupiers were on short term 12 month leases or on holding over agreements.
Average rentals were approximately $240psqm gross ($160psqm net) with cars leased at $100per space per month. These rents were considerably below market levels.
The property was secured by Marshall Property Partners after being identified as an under rented and underutilised development site. The property was secured by way of an option for an exclusive dealing period of 2 months.
Marshall Property Partners were able to secure a secondary purchaser for the property who completed the contract within the subscribed period.