Blacktown Police Station up for grabs — if you have around $20m
Having the boys in blue as your next tenants could be a pretty safe investment, and it could happen if you want to buy Blacktown Police Station. As long as you pass “suitable checks”.
NSW
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Anyone chasing Sydney’s safest investment property need look no further than Blacktown Police Station – providing you have around $20 million to spend.
The cop shop at 11 Kildare Road has hit the market with Expressions of Interest open until early next month.
A lease is locked up until 2028 with an option for a further five years, while NSW Police are charged annual rent of more than $820,000, or almost $16,000 a week, for the 952 sqm holding.
While commercial real estate heavyweights CBRE declined to forecast a sale price, the rent as a 5% yield would see the station valued at around $17.6 million.
Anything under that might be construed as daylight robbery. And just for the record, NSW Police have confirmed “security checks” are made on prospective purchasers.
CBRE agent Ray Ahsan told The Daily Telegraph: “Government-tenanted assets continue to be a core focus for institutional investors, high-net-worth individuals, and offshore capital, given their stability and long-term income security.
“Given the depth of demand for assets of this nature, we anticipate strong competition throughout the campaign.”
Mr Ahsan said the station was positioned “in the heart of the Blacktown Justice Precinct” and was one of the only privately held assets in Sydney that boasted NSW Police as tenants.
The CBRE marketing pitch says the station is “within walking distance of Blacktown train station and directly opposite Westpoint Shopping Centre” with a 15m frontage and “internal access” to the adjoining Blacktown Courthouse offices.
The agency said the recent $900 million acquisition of the Westpoint centre by an American-Australian investor partnership was the “largest retail sale in Australia’s history” and signalled “a robust future” for the Blacktown region.
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Originally published as Blacktown Police Station up for grabs — if you have around $20m
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