ASX-listed real estate investment manager, Elanor Investors Group (Elanor, ASX Ticker: ENN), has announced the sale of a major Sydney asset from its portfolio, as the Group continues to execute on its growth strategies.
Elanor has exchanged unconditional contracts for the sale of its Woodville Road, Merrylands property, the site of the original John Cootes Furniture business and head office, for a price of $36 million.
Originally acquired by Elanor in July 2014, the site, combined with several adjoining residential properties acquired by Elanor, comprises a total of 26,135sqm of land.
The sale follows Elanor’s success in obtaining a Gateway Determination from the NSW Department of Planning and Environment which supports the rezoning and redevelopment of the site.
The planning proposal to rezone the site to B4 (mixed-use), increases the maximum building height control to 31m (9 storeys), and also increases the maximum floor space ratio control to 2.0:1.
The redevelopment is expected to deliver approximately 540 apartments and 7,500sqm of retail and commercial space.
Glenn Willis, CEO of Elanor Investors Group, stated, “We are very pleased to have achieved the key planning approvals required to enable the redevelopment of the Merrylands property.
This in turn will provide significant public benefits and much-needed amenity to the local community.
With a book value of approximately $18 million, this transaction realises a strong capital uplift for the Group, providing further opportunity to recycle capital and execute on our funds management growth strategies.”
The transaction is contracted to settle on 3 August 2018.
For more information about Elanor Investors Group visit elanorinvestors.com.
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For media enquiries, please contact Elanor Investors Group CEO Glenn Willis on +61 2 9239 8400 or firstname.lastname@example.org.
About Elanor Investors Group
Listed on the Australian Stock Exchange in 2014, Elanor Investors Group (ASX:ENN) is an investment management business with over $1 billion in real estate, hotel, tourism and leisure properties under management as at 30 June 2017.
The Group has three operating divisions including real estate; hotels, tourism and leisure; and special situation investments. Elanor’s funds management focus is on generating strong absolute and risk-adjusted returns through investment in assets and operating businesses that deliver sustainable cash flows with potential for capital growth.