New South Wales

SYDNEY’s 179 Elizabeth Street office building is reportedly close to sale for a price speculated to be about $95 million.

Echo Capital Partners, run by former Valad co-founder Stephen Day, is “in talks” to buy the building on a yield of about 7.5 per cent, according to the AFR.

GPT is selling 179 Elizabeth Street, in a deal expected to arm with it funds to buy a half share in the $800 million 163 Castlereagh Street.

THE New South Wales Government has abandoned plans for its $5.3 billion Metro rail project in favour of a $50.2 billion transport blueprint which will include a $4.5 billion express rail service to Western Sydney, and a $6.7 billion North West rail link from Epping to Rouse Hill.

The government will retain about $120 million worth of Sydney CBD property it has already acquired “so the sites are protected for a future metro.”

This should pacify some vendors who have sold properties, or shaped their leasing decisions, thinking they’d be surrounded by a construction zone.

CENTURY Funds Management is reportedly close to settling on a $30 million+ deal for North Sydney’s 107 Mount Street building, in North Sydney.

Century paid $35.8 million for the building in December 2005, the AFR reports.

Elsewhere in the area, property investor Bob Ell was revealed last December to be buying a North Sydney office, at 52 Alfred Street, for about $50 million.

THE BALMAIN Leagues Club, in Sydney, will close for up to five years so developers can build a $200 million club, apartments, a public plaza and new station.

Former rugby player Benny Elias is involved in the development, which will start in late March after the club closes.

A metro station will be developed under Victoria Road, near the club – and the clubs existing site will be used as a construction zone.