AsheMorgan eyes renovated Sydney tower at discount
AsheMorgan is targeting a Sydney CBD office and retail property for about $200 million, below the price the vendor outlaid eight years ago.
The group is buying 130 Pitt Street from MEC Global Partners Asia.
The Singapore-based seller paid Investa $229m.
It then spent $13m on a refurbishment completed in 2022, with a new façade, and upgraded ground-floor retail areas, lobby, lifts and end-of-trip facilities.
MEC Global also has two Melbourne offices for sale: 575 Bourke St, being marketed by Cushman & Wakefield Leigh Melbourne, Nick Rathgeber, Mark Hansen and Morgan Briscoe, and 850 Collins St, listed with the same agents, and Lloyd Crozier.
MEC bought both bought those offices in 2017.
130 Pitt Street
130 Pitt St contains 9829 square metres of A-grade office space over 13 upper levels.
Also with the basement, ground and first level configured with retail – occupied by Adidas as its flagship store – the total net lettable area is 11,214 sqm.
The sports retailer occupies about 1131 sqm paying about a third of the gross income.
Office occupiers have included BigCommerce, Australian Ethical Investments and OnDeck Capital.
About 1600 sqm of fit-out space is presently for lease, including the top two floors (15 and 16), are for lease (continues below).
Between Pitt Street Mall and Martin Place, the site spreads 976 sqm, with natural light to three sides.
Cushman & Wakefield Josh Cullen and Mark Hansen with Savills’ Ben Schubert, Seb Turnbull and Neil Brookes were the agents.
AsheMorgan builds portfolio
Established in 1981, AsheMorgan manages more than $5 billion in commercial property investments across Australia, with exposure to office, retail, industrial and mixed-use assets.
Its Sydney portfolio includes 60 Margaret St and the adjoining MetCentre, acquired with Mitsubishi Estate from Mirvac and Blackstone in 2023.
The transaction was reported at about $820m.
Also in the New South Wales capital, AsheMorgan acquired a 50pc interest in 309–321 Kent Street in April 2022 for $401m before buying the balance from Dexus in March 2025 for about $290m.
The two adjoining office buildings contain a total c47,650 sqm of office area.
AsheMorgan acquired Homemaker Prospect from Dexus too – in 2022 for $78.9m.
Elsewhere since last year, AsheMorgan paid $79.1m for Perth’s Joondalup Gate and bought two industrial investments from Centuria: 40 Decco Drive, Campbellfield, for $33.5m and 45 Hume Drive, Bundamba, for $20.5m.
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