Orchard Puts 233 Castlereagh Street on the Market

MONTHS after listing its 350 Collins Street office for sale in Melbourne, Orchard Funds Management has put a Sydney CBD building on the market, in a deal which could be worth $130 million.

Orchard is selling its 31-level 233 Castlereagh Street building in Sydney, three years after buying it for $120 million with joint venture partners Leighton Properties and Lend Lease Real Estate. The office building is now 95 per cent occupied, returning about $9 million per annum. This compares to 40 per cent when the consortium bought the building in 2006.

The building is one of a swag to come onto the market in Sydney's CBD recently.

Other buildings on the market include Eureka Core Property Fund's 140 Sussex Street, GPT's 179 Elizabeth Street, Mirvac's 1 Castlereagh Street, Grosvenor's 20 Hunter Street, and two Stockland buildings: 175 Castlereagh Street, and 234 Sussex Street. A half share in the Martin Place office building is also for sale as is 20 Bridge Street.