Alceon and Eagle Property Sell Rosebury Asset for $37 Million
Nov 29, 2022
Alceon, a financier and multi-strategy alternative investment manager, alongside long-term partner Eagle Property Group, have sold a premium inner city Sydney commercial office property for $37 million.
Nestled in the heart of Rosebery, the Mentmore Quarter is a five-storey boutique commercial office building boasting 5675 square metres of lettable space and 52 car spaces. Currently it is 78 per cent leased across a diverse range of tenants.
The building is located in the inner-city suburb of Roseberry, which is located close to the $13 billion urban renewal project, Green Square, one of Australia’s largest. At completion in 2036, Green Square is forecast to be home to 70,000 residents with more than 30,000 having already moved in.
The Mentmore Quarter was held through the Alceon Australian Property Fund (AAPF), which has funds under management (FUM) of $620 million and holds a hybrid portfolio of listed and unlisted property and infrastructure assets. Since being established in 2011, the fund has returned 11.2 per cent per annum (31 October 2022).
Lawrence Kopping, Director at Eagle Property, said “From Rosebery being Sydney’s oldest industrial heartland, it’s being transformed into a vibrant, sustainable, and connected community that includes commercial and retail property as well as a growing residential market – all factors contributing to the price we secured.
Grant Atchison, Head of Real Estate Funds Management at Alceon, said: “the decision to sell the asset was based on continued inbound interest, price and time in the cycle. Further commercial property in Rosebery is enjoying a renaissance.
“The AAPF’s unlisted portfolio comprises institutional-grade assets within a diversified portfolio of internally and externally managed assets that span the risk spectrum, and the Mentmore Quarter asset complemented our value-add portfolio.”
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