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.
