Asian investors trade CBD building
A small but prominent CBD property, on the corner of King Street and Flinders Lane, has traded between Asia based investors.
A Singaporean snapped up 26-32 King Street following an expressions of interest campaign.
The seller was China based, having paid $11.98 million in late 2018.
The disposal price, as yet undisclosed, is speculated to circle $6.5m.
26-32 King Street
With 1200 sqm over five floors, 26-32 King St occupies a 304 sqm Commercial 1 zoned plot, previously marketed for its development upside.
The incoming owner intends to retain it as an investment; it is partially leased including a ground floor tenancy to 7-Eleven which pays c$265,000 annual rent.
“The deal reflects strong demand and continued confidence from Tiga’s south east Asian investor network,” selling agents Martin Leong, Griffin Barrett and David Sia, said.
“Our expressions of interest campaign generated strong interest from…local, interstate and international groups,” they added.
The property is opposite the Rialto complex, co-owned by Dexus and the Grollo Group – the latter which years ago was considered a suitor for 26-32 King St, in what would have been a tactical play to prevent the airspace being developed.
More to come.
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