North Sydney Office Sell-Off in First Quarter

NORTH Sydney’s office investment market has recorded several major sales in the first quarter of this year.

In the most recent deal, Colonial First State Global has offloaded 50 Berry Street for about $30 million to local investment company Kingsmede. The 14-level office was marketed by Chesterton International.

Elsewhere in North Sydney, 90 and 100 Mount Street sold to Laing O’Rourke for about $50 million, according to the AFR. The site is set to be redeveloped into an A-grade office tower. It was sold by Winten Property Group with plans for a $157 million tower.

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Altis Property Pays Becton $38.25 Million For North Sydney Office

BECTON Office Fund has sold a North Sydney office to Sydney-based private equity group, Altis Property Partners for $38.25 million.

The office at 2 Elizabeth Plaza spreads over 12 floors and sold on a yield of 10 per cent, according to the AFR, which reported the transaction.

Becton paid $53.9 million for the office investment in February 2007.

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