Acure seeds fund with two Sydney offices
Perth-based fund manager Acure Asset Management has acquired two North Shore offices to seed an unlisted trust.
The pricier property, 558 Pacific Highway, St Leonards (pictured, top), cost a speculated $170 million – a 9.5 per cent net passing yield.
The seller, Chinese-backed developer JQZ, paid $324.5 million in 2017 to consolidate the overarching 1.1-hectare site for its $1.6 billion Eighty Eight mixed-use precinct.
Completed in 2023, the 14-storey A-grade commercial tower covers 17,394 square metres of net lettable area.
Penned by PTW Architects, it features a seven-metre-high marble lobby, four-level retail podium anchored by Coles, and end-of-trip facilities with 161 bike bays, 19 showers, and 175 lockers. There is also a holistic wellness space.
A 5-Star Green Star and 5-Star NABERS Energy rating is being targeted.
Opposite St Leonards Station and 400 metres from the Crows Nest Metro, major occupiers include construction groups Richard Crookes Construction, Mainbrace Construction, and AW Edwards.
CBRE’s Mitch Noonan and James Parry with Colliers’ Matthew Meynell and Tyler Talbot were the agents.
Mapletree sells Chatswood complex
In Chatswood, Acure bought 67 Albert Avenue from Singapore’s Mapletree Investments for c$108m (continues below).
With 14,686 sqm over 15 levels, tenants including the NDIS, CMC Markets, and Link Housing.
It is 15pc vacant with a 2.3 year weighted average lease expiry.
The site spans 3004 sqm.
The result reflects a 10.4pc yield.
It also demonstrates a significant loss for Mapletree which paid RF CorVal $158m in 2018.
Colliers’ Mr Talbot and James Mitchell with Cushman & Wakefield’s Jack Harrison and Mark Hansen brokered the on sale.
The properties will be held in the Acure Sydney North Shore Office Trust, now calling on investors.
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