Dexus Paying REST $60 Million For Sydney CBD Office

SUPERANNUATION fund REST is believed to be close to selling a Sydney CBD office building to Dexus Property Goup for $60 million.

The 19-level, 10,896 square metre office at 50 Carrington Street (pictured, right) overlooks Wynyard Park and includes ground floor retail space.

Nine tenants lease the building which is about 25 per cent vacant. REST purchased the building from British Property Giant MEPC in 1998 as part of a portfolio.

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Australian Red Cross Sells Sydney CBD Headquarters For $31 Million

THE New South Wales headquarters of the Australian Red Cross has sold for $31 million.

The eight-level building at 153-159 Clarence Street in the Sydney CBD was purchased by Melbourne based developer and construction group St Hilliers.

The art deco building has been the headquarters of the ARC and Red Cross Blood Service since 1974, but was built around 1938-1939 as a warehouse and showroom for wholesalers S. Hoffnug and Co.

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Eureka Funds Management Pays $83.2 Million For Sydney CBD Office

IN one of the first major CBD office transactions for the year, Eureka Funds Management, on behalf of the Aria Property Trust, has purchased an investment in Sydney.

Allianz Australia, as vendor, is reported to have achieved a sale price of $83.2 million for the 17-level, 14,962 square metre office at 55 Clarence Street.

The building is 98 per cent occupied to tenants including AAPT, Allianz Australia and Gray & Perkins Lawyers.

The sale price reflects a yield of about 8.4 per cent. CB Richard Ellis agents Josh Cullen and Rick Butler negotiated the deal.

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Abacus and Kirsh Buy Sydney CBD Offices

PRIVATE investor Kirsh Group has paid a combined price of $153.5 million for two Martin Place, Sydney office towers.

The private group worked with the ASX listed Abacus Property Group to acquire No 14 Martin Place for $95 million. Kirsh purchased 4 Martin Place on its own, for $58.5 million. Wealthy publican Cyril Maloney was the vendor of both properties.

The sales reflect market yields of about 8 per cent.

Last August, Kirsh and Abacus paid $174 million for the Birkenhead Point Shopping Centre and Marina, also in Sydney.

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Sydney’s 179 Elizabeth Street Office Close to Sale

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.

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Sydney’s Australian Securities Exchange Building Close to Sale For $140 Million

HONG Kong-based CLSA Asia Pacific Markets is reported to be formalising the purchase of Sydney’s Australian Securities Exchange building, at 20 Bridge Street.

The speculated $140 million sale is expected to be finalised later this month, and would translate to a low 7 per cent yield if the building were fully occupied, which it is not.

CLSA is a brokerage and investment arm of French bank Credit Agricole, which focuses on the Asia region.

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Sydney’s Landmark Aurora Tower Expected to Fetch $700 Million

SYDNEY’s landmark Aurora Place office building has been listed for sale and is expected to sell for about $700 million.

The 41-level tower, built in 2001 on a former State Office Block at 88 Phillip Street, is owned by the Commonwealth Property Investment Trust, a Colonial First State wholesale fund. The largest tenants in the premium quality, 49,730 square metre building include the Royal Bank of Scotland, which also leases naming rights, and Minter Ellison.

The building was sold to CPIT by developers Lend Lease and its partner East Asia Property Group for $485 million in February 2001.

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