Offshore investors trade Sydney office
Offshore investors have traded a B-grade Sydney CBD office with development upside for $29 million.
Singapore based ST Real Estate offered 64 Clarence Street, held 13 years.
Via Fidinam, which it acquired it 2018, it paid $11.055m.
The new owner is China based.
The result reflects a 4.3 per cent net passing yield.
CBRE’s Mitch Noonan, Angus Windred, Callum Cooke and James Parry were the agents.
The deal comes two years since ST sold 223 Liverpool St, Darlinghurst, to Forza Capital for $64.5m.
In Melbourne meanwhile, the asset manager last year divested 50 Queen St.
That buyer was Up Property, for $41.6m (continues below).
ST paid $40.7m in 2014, not long after it bought 64 Clarence St.
64 Clarence Street
The Clarence St office occupies 263 square metres at the intersection of Erskine St and York Lane.
There are 1565 sqm over eight floors.
It is one of six freehold buildings below 5000 sqm with three sides of natural light north of King St, the agents said.
It was offered permit-ready for an extension to lift lettable area 53 pc to 2584 sqm over five floors.
Subscribe to our newsletter at the bottom of this page.
