Challenger sells George Street Cinema

Challenger Financial Services has made $85 million from the sale of its George Street Cinema complex in Sydney’s CBD.

Private investors Coombes Property Group is the purchaser – 505 -523 George St includes a seven-storey building on a 4,300 square metre site.

The purchase price is believed to reflect a c8.25 per cent yield.

Major tenant Greater Union has six years left to run on a lease, when it will be presented with a 15 year option (story continues below).

The block is eventually expected to make way for a mixed-use complex, with residential, according to the AFR.

Challenger paid $68.5m for the property in July, 2000.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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