Mirvac Exchanges Contracts for 3 & 5 Rider Boulevard, Rhodes

Mirvac Group (“Mirvac”) [ASX: MGR] is pleased to announce it has exchanged contracts for the sale of 3 Rider Boulevard and 5 Rider Boulevard in Rhodes, New South Wales for a total consideration of $235.0 million, representing a passing yield of 7.51 per cent. 

Located approximately 17 kilometres from the Sydney CBD, 3 Rider Boulevard is an A-grade building with seven levels of commercial office and four retail tenancies on the ground floor. Sitting adjacent is 5 Rider Boulevard, a 10-level, A-grade commercial office building. There are four levels of basement car parking provided across the two buildings.  

Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, commented, “The sale of these Rhodes assets, sold at a premium to previous book value, is another great achievement in our asset sales strategy for FY16, and reflects our focus on maintaining a high quality office portfolio within core CBD locations. Following today’s transaction, we expect to achieve total asset sales of over $870 million for the financial year to date.” 

Settlement is expected in June 2016. 

Find out more about 3 Rider Blvd, Rhodes NSW
Find out more about 5 Rider Blvd, Rhodes NSW