APN Property Group Sells 120 Docklands Drive For $33.01 Million

The company yesterday confirmed the sale of its 120 Harbour Esplanade office building on a yield of 8.6 per cent. The deal was foreshadowed in Capital Gain last month.

Sources speculate the mystery buyer is Singaporean based private developer Philip Lim, but this could not be confirmed.

“The price and yield sets a welcome benchmark for a transaction starved market,” JLL national director capital transactions, Robert Anderson said, adding the new owner secured the property over a number of local and interstate private investors.

CBRE was the conjunctional selling agent.

Bendigo Bank leases all of the 8-level, 8,019 square metre office building, paying a current annual rent of $2.8 million. Its lease ends in 2015.

APN paid $34.3 million for 120 Harbour Esplanade in 2005.

 

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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