Mirvac, Perron sell historic ex-Readers Digest HQ
Mirvac and the Perron Group have sold their jointly owned commercial building – the ex-Readers Digest HQ – off-market.
The warehouse-converted mixed-use asset, 80 Bay Street, Ultimo, opposite Broadway Shopping Centre, was acquired by the pair 10 years ago today for $22.7 million.
It contains ground floor retail below three levels of swank offices.
Prior to 2002, the asset was owned by the University Co-operative Bookshop, a student co-op since 2020 controlled by Booktopia.
Swank office sold
Developed c1903 as a Federation Free Classical industrial department store and warehouse, the building later served as the Australian headquarters of Reader’s Digest before being repositioned as creative office accommodation.
The property retains the distinctive “Reader’s Digest” signage on its façade.
“Following several recent campaigns in the immediate precinct, the CBRE team identified an active acquisition mandate that aligned with the asset and secured an unconditional offer within one day of the purchaser’s inspection,” Callum Cooke, who brokered the deal with Angus Windred, said (continues below).
“Positioned directly opposite Broadway Shopping Centre, the property offered exceptional retail exposure together with uniquely creative office space, combining heritage character with a highly connected, amenity-rich location,” he added.
The deal comes seven months since realestatesource.com.au reported the South Sydney City Council secured the University of Notre Dame Australia to an Ultimo asset.
Mid last year meanwhile build-to-rent developer and investor apt.Residential snapped up a former electricity substation in the suburb.
Ultimo is about two kilometres south west of Sydney’s CBD.
More to come.
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