Energy Australia Pays Investa $50 Million For Sydney CBD Site

“Investa has been working on this transaction with Energy Australia for nearly a year. We are pleased to participate in a transaction that will enable Energy

Australia to implement important infrastructure works in the Sydney CBD.” Investa group executive for major projects told the AFR. “This transaction allows

Investa to stay involved in the site, enabling our ultimate vision to be realised.”

Colliers International national director Vince Kernahan introduced Investa to Energy Australia.

Investa is also selling its 54 miller Street office building in North Sydney.

Late last month Investa released this statement on its website, regarding that campaign.

 

INVESTA PRESS RELEASE:

Investa Property Group (Investa) confirms that it is experiencing strong initial interest in its 54 Miller Street, North Sydney property which has recently

been listed for sale.

54 Miller Street is located in the heart of the North Sydney office precinct, close to the recently upgraded North Sydney train station, bus interchange and amenities including retailers, gyms, cafes, restaurants and hotels.

The building is fully leased to a diversified tenant base. Mid and upper levels have panoramic views of the Sydney harbour and ample basement parking is

provided.

The property was bought by the Investa Enhanced Fund (IEF) in 2007. Since then, the Fund has successfully delivered on its investment strategy for the property, re-leasing over 30% of the building and taking occupancy to 100%.

Ian Schilling, Group Executive, of Investa’s Funds Management business confirms: “We think this is a good quality asset which has been repositioned well in the North Sydney CBD. We believe there is a good opportunity in the market at the moment for properties such as these, to attract strong interest, particularly from Asian and Australian private investors”.

The 14 storey building, comprising 13 levels of office accommodation and 2 ground floor retail tenancies, has a net lettable area of approximately 7,126sqm.

The building is being marketed by Bevan Kenny and Tyler Talbot of Chesterton International North Sydney.

Bevan Kenny, Managing Director of Chesterton International North Sydney states: “With economic conditions continuing to stabilise, this is an excellent opportunity for a counter cyclical investment.

An investment in this property offers excellent rental growth prospects in comparison to similar North Sydney CBD buildings.

This is a great chance to own a fully leased building and derive strong capital growth”.

In the North Sydney CBD, Investa owns five buildings, representing over 46,500m2 of office accommodation, including the 6 Star Green Building Council of Australia rated multi-million dollar Ark development, located at 40 Mount Street which is due to be completed in the second quarter of 2010.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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