When purchasing a condominium, it is crucial to also take into account the maintenance and management of the property. Condos usually have maintenance fees that cover the maintenance of shared spaces and amenities. Although these fees may increase the overall cost of owning the property, they also guarantee that it stays in good condition and maintains its value. Hiring a property management company can assist investors in dealing with the everyday management of their condos, making it a less hands-on investment. Consider checking out New Condo Launches for more options.
Singapore’s private equity real estate firm SC Capital Partners Group has recently announced the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group has sold the asset, situated on Anzac Parade and Lorne Avenue in Kensington, at a price significantly higher than its initial acquisition price and at a 19% premium to its current book value. The buyer is none other than the esteemed University of New South Wales (UNSW) in Sydney.
The purchase of the property by SC Capital Partners took place in 2016, with the group reportedly paying a whopping A$57 million at the time. The purpose-built student accommodation, spanning an area of 85,035 square feet, boasts 233 beds and a commercial podium on its ground floor. Its strategic location within 600 meters of UNSW Kensington Campus makes it a prime pick for students. Currently, the student accommodation component is fully leased to UNSW, with a fresh 20-year master lease signed in 2019.