Church spends $97m on city office
The Catholic Archdiocese of Sydney has snapped up a B-grade office diagonally adjacent to St Mary’s Cathedral.
The 15 level building, 75-85 Elizabeth Street, on the north west corner of King, set it back $97 million.
The vendor was Asian investment firm Kingold Group, also known as Glory Orient Investments, which paid $67m in late 2015.
That seller was the Uniting Church’s Uniting Financial Services.
Savills’ Ben Azar, Adrian Bokolis and Harry George brokered the latest deal; the Catholic Archdiocese of Sydney has been seeking a city base since selling air rights of its former Polding Centre in 2021 to Deicorp for apartments.
Its latest property, in the city’s legal precinct, contains 6141 square metres, with Hyde Park views.
The 768 sqm block also offers longer term development upside.
Melbourne arm lists
The deal comes a fortnight since the Catholic Archdiocese of Melbourne listed a $25m portfolio of terraces around St Patrick’s Cathedral.
Included is the ex-Bionics Ear Institute HQ, on the north west corner of Albert and Lansdowne streets, which it bought nearly five years ago for $12m.
The other buildings could be used for commercial purposes – they are near numerous hospitals – or residential.
Stonebridge Property Group’s Dylan Kilner, Max Warren, Julian White and Chao Zhang are the agents for Charter Keck Cramer’s Jessica Crossland and Tom Byrnes, the transaction advisers.
The listing comes four years since the Catholic Archdiocese of Melbourne banked $19m from three suburban sites.
These were at Carrum Downs, Point Cook and Lynbrook.
Not long earlier it reaped c$30m from undeveloped parcels in Croydon, Derrimut, Doreen and Sunbury.
In June meanwhile, we reported the Catholic Archdiocese of South Australia bought an inner-Adelaide office to occupy.
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