CR Kennedy & Co has purchased a new property in Bourke Rd, Mascot, close to Sydney’s Mascot Airport and its existing Coward St Sydney branch office, for a reported $35 million.
CR Kennedy will use 1600 square metres of the seven-story, 8832 square metre building for its new Sydney office, with remaining space fully leased by top-flight names such as DHL, Tyco, Hansen Yuncken and JLL. Avis is due to vacate the space CR Kennedy will move into.
According to a report in the AFR, the seven-storey property was purchased in an off-market transaction from development and investment company, Capital Corporation.
CR Kennedy recently sold its Coward Street site to a residential developer.
‘For CR Kennedy, the acquisition of 15 Bourke Road has achieved their dual aim of keeping their offices in Mascot, whilst also finding an asset that was income producing.’ Olivia Skinner, sales agent acting on behalf of Capital Corporation is reported as saying.
Capital Corporation acquired the Bourke Street property in 2011, sub-dividing the front portion and building a 123-room hotel, pre-leased to the Adina hotel group and due for completion next month.
CR Kennedy’s move in the Sydney property market follows the purchase in 2012 of its substantial new Port Melbourne headquarters, which has 7000 square metres of warehouse and 5000 square metres of office space. Development work recently started to create 10 new office warehouses.
The latest purchase from the leading Australian-owned photographic products distributor follows a milestone 80th anniversary year, which saw the company partner with Chugai Photo Chemical Japan to acquire the Ilford Galerie, Prestige, and Omnijet trade marks.