Stockland Swaps North Sydney Tower for Sydney CBD Office Building

Stockland has successfully finalised the $450 million swap of its mixed use Northpoint building in North Sydney, for a Castlereagh Street office building in the Sydney CBD.

The listed property group, which is reported to want to boost its exposure to the Sydney CBD market, will receive the 9 Castlereagh Street office building and about $22 million cash from private investor Terry Agnew.

Mr Agnew will receive the office and retail complex known as Northpoint, which is believed to be worth about $225.5 million.

The swap was acquired on a low yield of 6 per cent for the Castlereagh Street building, and 5.5 per cent for Northpoint.

CB Richard Ellis agents Rob Sewell and Josh Cullen negotiated the off-market transaction.

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