CBD office sale – realestatesource https://www.realestatesource.com.au Commercial and residential property news Sun, 06 Sep 2009 12:34:53 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png CBD office sale – realestatesource https://www.realestatesource.com.au 32 32 Orchard Funds Management Makes $18 Million From Canberra Office Sale https://www.realestatesource.com.au/orchard-funds-management-makes-18-million-from-canberra-office-sale/ Mon, 06 Jul 2009 17:37:46 +0000 http://realestatesource.com.au/wordpress/orchard-funds-management-makes-18-million-from-canberra-office-sale.html 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.

]]> Australian Ethical Investments is the purchase of the property. Property manager Robert Sharf told the AFR it plans to grow its portfolio to between $150 million and $200 million over the next two to three years.

Elsewhere in Canberra, Mirvac is understood to be considering selling its Departmetn of Health and Ageing building in Woden, while German fund manager Real IS is understood to be in advanced negotiations to buy the Australian Taxation Office headquarters of Queensland Investment Corporation.

]]> Colonial First State Makes Loss on 300 Queen Street Office https://www.realestatesource.com.au/colonial-first-state-makes-loss-on-300-queen-street-office/ Mon, 06 Jul 2009 17:26:20 +0000 http://realestatesource.com.au/wordpress/colonial-first-state-makes-loss-on-300-queen-street-office.html QUEENSLAND 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".

]]> Jones Lang LaSalle’s Seb Turnbull and Geoff McIntyre negotiated the sale. Colonial First State Porperty trust Group purchased the property at the peak of the property boom in October 2007, according to the AFR.

Colonial now has no more assets in Brisbane.

]]> Trinity in Negotiations to Sell Portfolio of Four Brisbane Offices https://www.realestatesource.com.au/trinity-in-negotiations-to-sell-portfolio-of-four-brisbane-offices/ Wed, 24 Jun 2009 12:59:52 +0000 http://realestatesource.com.au/wordpress/trinity-in-negotiations-to-sell-portfolio-of-four-brisbane-offices.html
THE 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.

]]> The blocks have redevelopment potential, but were sold to improve gearing.

Trinity is also trying to sell a heritage listed building at 308 Queen Street, and the Trinity Development Trust building at 501 Ann Street.

Jones Lang LaSalle and CB Richard Ellis negotiated the Queensland deals, which are in the due diligence stage, according to today’s AFR.

]]> Trinity Offloads $51m In Offices https://www.realestatesource.com.au/trinity-offloads-51m-in-offices/ Wed, 02 Sep 2009 12:56:55 +0000 http://realestatesource.com.au/wordpress/trinity-offloads-51m-in-offices.html QUEENSLAND-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.

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Information about the deals can be found here: http://www.trinity.com.au/

]]> Orchard Puts 233 Castlereagh Street on the Market https://www.realestatesource.com.au/orchard-puts-233-castlereagh-street-on-the-market/ Mon, 29 Jun 2009 15:27:51 +0000 http://realestatesource.com.au/wordpress/orchard-puts-233-castlereagh-street-on-the-market.html MONTHS 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.

]]> The building is one of a swag to come onto the market in Sydney’s CBD recently.

Other buildings on the market include Eureka Core Property Fund’s 140 Sussex Street, GPT’s 179 Elizabeth Street, Mirvac’s 1 Castlereagh Street, Grosvenor’s 20 Hunter Street, and two Stockland buildings: 175 Castlereagh Street, and 234 Sussex Street. A half share in the Martin Place office building is also for sale as is 20 Bridge Street.

 

]]> Abacus Frontrunner For 343 George Street https://www.realestatesource.com.au/abacus-frontrunner-for-343-george-street/ Mon, 29 Jun 2009 15:22:33 +0000 http://realestatesource.com.au/wordpress/abacus-frontrunner-for-343-george-street.html THE 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.

]]> The property is being offloaded by Dexus Property Group, which uses the building as its Australian headquarters.

Abacus is also believed to be the mystery buyer paying $54 million for Orchard Funds Management’s 350 Collins Street office building, in Melbourne. Fund manager  Tom Hardwick told the AFR: “We are being cautious with our capacity, but if we found an acquisition that was a really good deal for us to do, we would do it.”

]]> Becton to Make Loss From Sale of Wang House, Melbourne https://www.realestatesource.com.au/becton-to-make-loss-from-sale-of-wang-house-melbourne/ Sun, 06 Sep 2009 12:34:53 +0000 http://realestatesource.com.au/wordpress/becton-to-make-loss-from-sale-of-wang-house-melbourne.html BECTON 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.
 
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.

]]> Becton investment management fund manager Gilston Rush said the sale of the building is part of the fund’s de-leveraging strategy.  It paid $33.3 million for the building in late 2007.
 
Jones Lang LaSalle director Robert Anderson is marketing 45 William Street with James Kaufman.

]]> Colonial First State to Reap $59 Million From 215 Spring Street Sale https://www.realestatesource.com.au/colonial-first-state-to-reap-59-million-from-215-spring-street-sale/ Sun, 19 Jul 2009 13:13:24 +0000 http://realestatesource.com.au/wordpress/colonial-first-state-to-reap-59-million-from-215-spring-street-sale.html 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.
 
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.
 
CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.

]]> The fully-leased building is one of several investment grade CBD assets in CFS’s PIF1 portfolio, and was valued at $69 million in December 2008.
 
For years the Spring Street building was one of two CBD “depots” for a distinctive green shuttle bus, which PWC operated daily to transport workers between 215 Spring Street and a second CBD office it occupied at the ritzy 333 Collins Street.
 
This ended in 2005 when PWC merged its staff to a prominent new building at 2 Southbank Boulevard in Southbank, where it also leases naming rights.
 
A CFS representative declined to comment on a deal at 215 Spring Street when contacted by The Age, as did Colliers International selling agents John Marasco and Nick Rathgeber.

The Knowles Group owns nursing homes and various smaller commercial assets. A couple of years ago it sold a retirement portfolio to Sydney-based fund manager Stockland.

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