BlackRock, Cromwell trade office stake
BlackRock has snapped up the 50 per cent stake it didn’t control of a north Sydney office investment with development upside.
The US based group is paying $87 million – a near 10 per cent discount to book value – for the interest in 475-501 Victoria Avenue, Chatswood.
It bought the first half in 2020 for $120m.
Cromwell was the seller both times, outlaying $110.8m in 2006.
Income, development upside
Known as Central Plaza, the Chatswood asset contains 24,704 square metres in two 14 level buildings – Tower One with a 3-star NABERS rating, the other, 5.5.
The site spreads 6030 sqm at the corner of Brown St.
In mid-2021, the pair sought permission to develop an 11 storey hotel on a vacant tract.
Part of the block is also permitted for a six floor office.
The deal comes a week after Canada based Brookfield upped its stake in Cromwell, acquiring a 19.9 per cent stake from ESR.
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