Nick Politis buys Sydney’s Chopard store
The Australian Federal Police has sold a prominent Sydney CBD retail property seized under proceeds-of-crime laws.
Nick Politis bought 119 King St for about $19 million.
The result reflects a circa four per cent yield.
Chopard is the occupier on a lease expiring 2031.
The five level 210 square metre building occupies a 54 sqm site adjacent to Pitt Street Mall, in the city’s fashion precinct.
Discounted deal
The King St property previously sold for $21m in 2022 to Tara Global Pty Ltd, a company linked to the investigation, before being restrained the following year, part of Operation Avarus-Midas (continues below).
X Commercial’s Chris Johnson and John Bowie Wilson were the agents.
The deal comes five months since Mr Politis, via the Euminidi Group in which he holds a half stake, outlaid $50m for Brisbane’s historic Caxton Hotel.
Not long earlier the Sydney Roosters chairman and real estate investor shed a historic Brisbane CBD commercial investment after a decade.
The buyer was National Retail Group, owned by Chemist Warehouse executives.
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