CorVal Pennant Hills Trust

1 City View Road, Pennant Hills NSW 2120

Property Information

Property1 City View Road, Pennant Hills NSW 2120
CommencementOctober 2013
Purchase Price$18.8m
Sale Price$43.3m
Equity IRR64%
Equity Multiple2.6x

B-grade office asset with strong fundamentals and attractive purchase metrics.

The CorVal Pennant Hills Trust is an unlisted property trust which held a single, B-grade office building at the corner of Pennant Hills Road and City View Road, Pennant Hills.

The Property comprised a 12 level B-grade office building with six levels of office accomodation and six levels of parking accommodting 260 cars. On acquisition the building was 85% occupied with a number of monthly and short term leases in place.

The Trust strategy focused on repositioning the building by undertaking a comprehensive cosmetic and base building upgrade, together with a targeted leasing/re-leasing campaign in order to maximise the value of the asset which was sold in October 2015.

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