Avari buys majority stake in AWA building
Avari Capital is paying $38.8 million for the majority interest in Sydney’s Amalgamated Wireless Australasia (AWA) building.
Developed in 1939 at 45-47 York Street, and for two decades the country’s tallest tower – the deal is with four owners of strata offices in the complex including Legacy Club Services.
The buyer now controls c52 per cent of the voting rights and 57.8pc (2723 square metres) of the area, across five floors.
An amalgamation and renovation is expected.
AWA building
At 45-47 York Street, the AWA building rises 14 levels from a 430 sqm plot.
It rises 133 metres inclusive of a disused radio tower (story continues below).
The asset was subdivided into 23 strata lots in 2017.
The Weighted Average Lease Expiry of the component Avari has just acquired is about four years.
CBRE’s Harry George was the agent.
The deal comes three weeks since we reported the Australian Technical and Management College sold its USC campus, on 297 square metres at 432 Kent St, for $24.5m.
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