RF CorVal 54 Waterloo Road Trust
54 Waterloo Road, Macquarie Park NSW 2113
|Property||54 Waterloo Road, Macquarie Park NSW 2113|
|Building Size||8,134 sqm NLA|
|Target Equity IRR||8-10%|
High quality A-grade asset in major Sydney office market.
The RF CorVal 54 Waterloo Road Trust is an unlisted property trust established to acquire a high quality, 8,134 sqm A-Grade office building in Macquarie Park on a sale and partial leaseback transaction from Novartis Pharmaceuticals Australia.
The Property is considered one of the best quality office properties within Macquarie Park, featuring generous foyer and common areas, extensive end of trip facilities and a large rooftop terrace area. Its location in Macquarie Park, the largest office precinct outside of the Sydney CBD, has low vacancy which is forecast to remain low over the next 10 years.
The Trust strategy is centered around transitioning the building away from an owner-occupied building and introducing an institutional style of both property and asset management. Levels 1 and 2 were vacant on acquisition and have since been let, bringing occupancy to 100%. Further value is being explored with architects engaged to undertake a review of the ground floor lobby space, potentially to increase the building’s NLA.