Sydney-based fund manager Folkestone has booked a bumper return after selling a Wollongong office building to a wealthy offshore investor for $46.1 million.
Folkestone bought the building at 43 Burelli Street four years ago for $27.5 million. Taking into account capital expenditure since then, the sale represents a 67.5 per cent premium to the property's acquisition price in 2013.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
Su-Lin Tan reported on housing, commercial real estate and property finance. She also covered China and Asian business, trade and politics. Connect with Su-Lin on Twitter. Email Su-Lin at stan@afr.com.au
