Sydney strata office fetches $12m

The entrance to a ground floor retail space at 71 York Street from a 2018 marketing campaign.

A full-floor strata office in Sydney’s historic Company Director House has sold for $12 million – almost triple the price the vendor paid in April, 2016.

The deal for level 4/71 York Street reflects a rate per square metre of $17,341 – a record for the street according to Colliers International selling agents Trent Gallagher and Tom O’Neill.

It is also the biggest Sydney CBD strata office transaction since 2018.

The vendor and former occupier, Bondi Junction headquartered travel company Excite Holidays, paid Singapore’s Lian Huat Group’s Accord Pacific Resorts $4.175m for the workplace.

At the time, the 692 sqm area was split into two tenancies.

Excite went into voluntary administration in January.

Company Director House, previously known as Gardiner House was built in c1880 on a design by Thomas Rowe.

Between Barrack and King streets, the building forms part of a high-character pocket with other 19th century structures.

It rises five levels over a basement – which the New South Wales Office of Environment and Heritage said when it was converted into a 100-bay car park, was “historically significant physical evidence of the increasing level of motor car use at the time”.

Classified by the National Trust, 71 York Street is also serviced by two lifts.

There are 13 strata suites – one measuring 375 sqm on the ground floor (pictured above right and bottom) which Knight Frank’s Sara Ford sold in mid-2018.

Prior to exchanging in 2016, level 4 traded in 2007 for $3.025m.

Part of the 375 square metre ground floor retail space at 71 York Street which sold in 2018.

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Marc Pallisco

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

Marc Pallisco