Savills purchases $151.5m Mascot office

The office abuts Stamford Plaza Sydney Airport.

Savills Investment Management has acquired a second investment in as many months – this time, an office abutting Sydney’s Kingsford Smith Airport.

The 12-level complex at 241 O’Riordan Street, Mascot, is costing $151.5 million.

Vendor, the E&P Investments Limited managed Fort Street Real Estate Capital Property Fund, outlaid $128.4m four years ago.

The disposal needs Foreign Investment Review Board approval but is expected to settle next month.

Developed in 1992 and refurbished in 2014-2015, the asset, also known as Gateway 241, contains 401 basement car parks and 19,277 square metres of commercial area; the office component is rated A-grade (story continues below).

Government tenants contribute 44 per cent of the c$9.71m annual income.

Colliers’ James Barber, Adam Woodward and James Mitchell with JLL’s Simon Storry and Luke Billiau brokered the deal.

Savills, in conjunction with Elanor Funds Management, recently paid $145m for Toowoomba’s Clifford Gardens shopping centre.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of