Japanese office investor lines up $600m Sydney skyscraper
Tokyo listed office focused investment house, Daibiru, is seeking to buy a Sydney CBD asset, only half which was for public sale.
The speculated $600 million deal for 135 King Street is with Investa, which holds it in the flagship Commercial Property Fund.
It has owned the 27 level property in its entirety since paying Stockland c$340m for a 50pc interest in 2019.
The other half stake was acquired in 2014, again via Stockland, but via a nomination for the Colonial First State Private Property Syndicate.
Pricey office, retail
Developed in 1990 with the now redundant name, the Glasshouse, 135 King St also fronts Pitt Street Mall where it houses H&M and Platyplus’ flagship Sydney stores, and a Commonwealth Bank.
Once accommodating 27 tenancies, and between 2015-2018, part rented for a Zara Home, it contains c5000 of retail over three floors (story continues below).
Above that, there is 27,252 sqm of A-grade office space, with an average floorplate of 1200 sqm.
The NABERS rating is 5.5-star.
Knight Frank and JLL are representing ICPF.
Elsewhere in Sydney’s CBD, Daibiru holds an 18 level office at 275 George St, which cost nearly $240m from John Holland in 2018.
Two and a half years ago meanwhile it teamed with Mirvac to develop and hold an office investment in the Melbourne CBD.
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