Shayher buying offices in Brisbane, Sydney

Milton Green (coloured) contains six buildings with the potential for another.

Taiwan backed Shayher Group is outlaying over $600 million on east coast office investments.

In the biggest deal, the group is believed to be paying more than $400m for the Milton Green business park – about 500 metres from its local headquarters.

On four hectares, the asset contains six buildings with a total c51,000 square metres; major occupiers include Downer and Sandvik.

There are also about 1050 car parks and nine retail tenancies.

A seventh office, rising 14 floors, was first approved in 2012.

The vendors were Dexus – which only recently acquired the asset when its Wholesale Property Fund merged with AMP Capital Diversified Fund – with Sunsuper.

JLL was the marketing agent.

Asset near to home

Shayher, part of the Par Jar Group, purchased its nearby Australian headquarters, 40-52 McDougall Street, Milton, from Investa Commercial Property Fund for $98m in 2016.

On 1.5ha, that property was offered with permission for two residential towers, offering 293 apartments, and to extend the existing office by 20 floors (story continues below).

Shayher is paying c$200 million for 10 Barrack Street, Sydney.

Milton is about two kilometres south of the CBD.

Sydney asset

Meanwhile in Sydney, Shayher is understood to be spending about $200m for 10 Barrack St.

The deal is a windfall for US-based AEW Capital Management which paid Singapore based, Chinese backed Bright Ruby $138m in 2017, then part-renovated.

Completed as United Airlines House in 1987, it contains c9540 square metres of mostly B-grade area over 12 storeys.

The ground floor and mezzanine level – all up covering 900 sqm – were revamped at a cost of c$4.1m.

CBRE with Cushman & Wakefield represented AEW.

Earlier today Dexus confirmed it sold a nearby office, 383-395 Kent St, to Charter Hall for $385m – a deal speculated last month.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.