Not-for-profit buys office buildings for $18.65m in Epping through Savills

A not-for-profit aged care provider has purchased a building on Bridge Street in Sydney's Epping for $18.65 million in a deal brokered by Savills Australia and PropertyFox.

Sitting at 16-18 Bridge Street, the 1989 building has a net lettable area of 3,177 square metres.

It was sold on behalf of Peak Equities, an emerging Melbourne-based fund manager that bought the building for $14.2 million in 2012 from Centuria.

According to Tom Merrett of Savills Industrial & Business Services, the office building was partially occupied and the new buyer intended to occupy the remaining available office space.

“The emergence of Epping as a significant residential hub, and the growing rate of buildings being converted into residential has left Epping with a severe shortage of commercial buildings, which is why the purchaser was keen to lock in an option to accommodate their office requirement for the long term.”  

The building is a short walk from Epping railway station.  

Merrett said he was seeing a lack of leasing and purchase options for commercial tenants looking to occupy space long term all across the upper North Shore of Sydney due to residential conversion.