The Australian Technical and Management College has sold its USC campus, in Sydney, for $24.5 million.
Offered with a three year leaseback, the deal for 432 Kent Street reflects an initial four per cent yield.
The school paid $13.8m for the seven level, 1400 square metre asset in 2015.
At the time the 297 sqm block was marketed for its potential to make way for a 17 storey building.
The zoning allows for residential or commercial product (story continues below).
ATMC recently completed a major renovation.
Knight Frank’s Jonathan Vaughan, Tim Holtsbaum and Dominic Ong brokered the off-market deal; Fitzroys’ Rob Harrington was the transaction manager.
“The sale is reflective of the elevated interest we have experienced in Sydney as an investment destination in recent years, with buyers being drawn to the CBD’s long term growth prospects,” Mr Vaughan said.
“As we emerge from COVID< and particularly as borders open, we expect this investor interest will increase further”.