Mirvac settles $394m Sydney office deal
Mirvac, on behalf of the Wholesale Office Fund, has settled the purchase of a half stake in a prominent Sydney CBD investment.
The $394 million deal for 5 Martin Place reflects a 5.75 per cent yield.
Cbus Property was the seller.
It will retain the balance of the 19-level, 33,860 square metre building at the corner of Pitt Street, also exposed to Rowe Street, incorporating the historic Commonwealth Trading Bank.
Mirvac is also seeking to buy a stake in a Melbourne CBD office – BHP’s headquarters, at 171 Collins St – from Cbus.
Trophy office
Cbus completed the office in 2015, holding a half-stake with co-developer Dexus, and the Canada Pension Plan Investment Board (continues below).
Cbus bought that interest for $296.2m in 2024.
That deal reflected a 6.1 per cent yield, assuming the total value at $592m.
The latest deal prices the asset at $788m.
Ray White Commercial’s Ian Hetherington was the agent.
Subscribe to our newsletter at the bottom of this page.
