Ex-Sydney Football Club director buys $33m office
Six months after selling Surfers Paradise’s Cavill Lane retail and entertainment complex, Phil Wolanski has bought an inner city Sydney office investment.
The ex-Sydney Football Club director paid $32.6 million – a 4.9 per cent net passing yield – for 79 Commonwealth Street, Surry Hills.
Titanium Property was the seller, having paid $7.5m in 2010.
It also renovated the property – the office area is rated Premium – and added a sixth storey.
The on sale was managed by Knight Frank’s Jonathan Vaugan, Andrew Harford and Will Brassil with JLL’s James Aroney, Simon Storry and Harry Borger.
79 Commonwealth Street
Also facing Hunt St, the Surry Hills office contains 2221 square metres, with ground floor retail, 10 basement car parks and a loading bay.
The office area is rated Premium.
Eighty five per cent occupied, the weighted average lease expiry is 1.8 years.
The site spreads 380 sqm.
“This property attracted very strong buyer interest with 13 first round bids resulting from the expressions of interest campaign,” Mr Harford said.
“It was purchased by a high net worth private, following the trend of generational ownership across the broader Surry Hills market,” he added.
Mr Wolanski, via Denwol Group, sold Cavill Lane for $31m to a group including ex-Macquarie boss Bill Moss.
He held that shopping centre nine years.
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