Orion Opportunity Fund
15 Orion Road, Lane Cove West, NSW
15 Orion Road is a 9,571sqm mixed-use office/warehouse facility with parking for 229 cars on a 7,078sqm site in Lane Cove West. The Property was built in 1988 and comprises an eight-level commercial building, with warehouse facilities, and an attached two-level office building. The typical office floor plate size is circa 1,000sqm, and the lettable area is apportioned approximately 70% office, 29% warehouse and 1% retail (café).
The acquisition of 15 Orion Road, Lane Cove West represented an opportunity to acquire a well-located office/warehouse facility at a ‘below replacement value’ purchase price (equivalent to a capital rate of $2,134 per sqm). Since acquiring the building, the Investment Manager has completed a series of upgrades, including new passenger lifts, foyer upgrade and building repaint. The building has attracted a number of leading tenants, including in the medical equipment and supplies sector.
The most recent valuation saw an increase to $38.9 million.
Key Fund Stats
|Fund Status||Property Open|
|Acquisition Price||$21.0m (February 2016)|
|Current Distribution Yield (% p.a.)||7.5% p.a. (paid quarterly)|
|Key Tenants||Dermalogica, Acelity and Navico|