Surry Hills office leased to Afterpay sells for $12.3m

The building in 2014 – four years before it was renovated.

A Surry Hills office leased to Afterpay has sold for $12.3 million.

Johnston’s Buildings at 252-256 Cleveland Street, on the north east corner of Buckingham, contains 683 square metres of lettable area over two floors and a mezzanine, a rooftop terrace and parking for up to eight cars.

The internal area underwent a major renovation two years ago, after the occupier pre-committed.

The asset was offered with a permit to extend by a floor.

The site spreads 480 sqm, about 500 metres from Central train station (story continues below).

IB Property’s Steffan Ippolito and Dimitrios Franze brokered the off-market deal.

The investment previously traded in 2019 for $10.5m.

Three years prior to that – before it was renovated – it exchanged for $4.9m following a campaign also targeting residential developers.

Last month Real I.S paid $97m – a Surry Hills record price – for neighbouring offices on Waterloo St.

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Marc Pallisco

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

Marc Pallisco