Commercial and residential property news
Orchard Funds Management has offloaded another CBD property, this time in Canberra.
The fund manager is making $18.5 million from the sale of an A-grade, 3,412 square metre office in Allara Street. The five Green Star rated building sold on a yield of 8 per cent.
Read moreQUEENSLAND businessman Kevin Seymour will pay $110 million for an office building in the Brisbane CBD.
Vendor Colonial First State confirmed negotiations are underway to sell the 25-level 300 Queen Street office building at a $22 million loss to its $132 million March 31, 2009 book value.
The sale price reflects a yield of 8.35 per cent for Mr Seymour, who is reported to be “a renowned counter-cyclical investor”.
Read moreTHE Trinity Enhanced Return Fund is believed to be in negotiations to sell a portfolio of four Brisbane CBD office blocks to a private investor.
The four blocks, on Queen and Wharf streets, are reported to be exchanging for about $53 million, substantially less than the $76 million the fund paid for the buildings several years ago.
Read moreQUEENSLAND-based property group Trinity has offloaded three commercial office buildings for more than $51 million.
The sales include Brisbane’s 410 Queen Street which sold to a private investor for $23.8 million, and a small wharf building which sold for $5.26 million. Trinity also offloaded an office building in King William Street Adelaide for $21.75 million.
Trinity announced to the ASX earlier this week it recorded a $225 million loss with $46 million attributed to devaluations.
Read moreMONTHS after listing its 350 Collins Street office for sale in Melbourne, Orchard Funds Management has put a Sydney CBD building on the market, in a deal which could be worth $130 million.
Orchard is selling its 31-level 233 Castlereagh Street building in Sydney, three years after buying it for $120 million with joint venture partners Leighton Properties and Lend Lease Real Estate. The office building is now 95 per cent occupied, returning about $9 million per annum. This compares to 40 per cent when the consortium bought the building in 2006.
Read moreTHE ABACUS Property Group is believed to be in advanced negotiations to Sydney’s 343 George Street office building.
Following a $24.4 million cash injection by South African businessman Nathan Kirsh earlier this year, the fund manager is believed to be paying more than $50 million for the office, which was last valued at $56.4 million in September last year.
Read moreBECTON can expect to make about $27 million from the sale of the former Wang House office building, at 45 William Street in the CBD, which it listed for sale this week.
Â
The 14-level, 9010 square metre office, on the north-west corner of Flinders Lane, is 86 per cent occupied. Based on the building’s potential fully let annual income of $2.4 million, the building is expected to sell on a yield of between 8.5 and 9 per cent.
COLONIAL First State will reap $59 million from the sale of its 215 Spring Street office building, once the headquarters of professional services giant PricewaterhouseCoopers.
Â
Private investor and developer the Knowles Group has purchased the 22-year old, 9-level building which has three street frontages and is opposite a Parliament train station entrance, and the Parliament Gardens.
Â
CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.
