Commercial and residential property news
SUPERANNUATION fund REST is believed to be close to selling a Sydney CBD office building to Dexus Property Goup for $60 million.
The 19-level, 10,896 square metre office at 50 Carrington Street (pictured, right) overlooks Wynyard Park and includes ground floor retail space.
Nine tenants lease the building which is about 25 per cent vacant. REST purchased the building from British Property Giant MEPC in 1998 as part of a portfolio.
BANK ANZ has sold 20 Martin Place in Sydney to Boston based property advisory Pembroke Real Estate, which is acting on behalf of an affiliate.
The 21-level office building is the first purchase of a property asset by Pembroke in Australia.
ANZ is relocating to a new Grocon development at 242 Pitt Street in 2013.
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THE New South Wales headquarters of the Australian Red Cross has sold for $31 million.
The eight-level building at 153-159 Clarence Street in the Sydney CBD was purchased by Melbourne based developer and construction group St Hilliers.
The art deco building has been the headquarters of the ARC and Red Cross Blood Service since 1974, but was built around 1938-1939 as a warehouse and showroom for wholesalers S. Hoffnug and Co.
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A PRICE of $60 million is expected for Sydney’s 10 Bridge Street office building. Eureka, a fund manager, has listed
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IN one of the first major CBD office transactions for the year, Eureka Funds Management, on behalf of the Aria Property Trust, has purchased an investment in Sydney.
Allianz Australia, as vendor, is reported to have achieved a sale price of $83.2 million for the 17-level, 14,962 square metre office at 55 Clarence Street.
The building is 98 per cent occupied to tenants including AAPT, Allianz Australia and Gray & Perkins Lawyers.
The sale price reflects a yield of about 8.4 per cent. CB Richard Ellis agents Josh Cullen and Rick Butler negotiated the deal.
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PRIVATE investor Kirsh Group has paid a combined price of $153.5 million for two Martin Place, Sydney office towers.
The private group worked with the ASX listed Abacus Property Group to acquire No 14 Martin Place for $95 million. Kirsh purchased 4 Martin Place on its own, for $58.5 million. Wealthy publican Cyril Maloney was the vendor of both properties.
The sales reflect market yields of about 8 per cent.
Last August, Kirsh and Abacus paid $174 million for the Birkenhead Point Shopping Centre and Marina, also in Sydney.
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MELBOURNE-based builder Grocon will sell its Sydney headquarters, and an adjoining building that accommodates drinking institution the Belgian Beer Cafe.
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SYDNEY based developer and fund manager Stockland has sold the 333 Kent Street office building in Sydney for $41.5 million.
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ABACUS Property Group has reaped $78 million from the sale of 343 George Street, Sydney.
In an ASX announcement the Sydney-based group confirmed it will settle to sell the property in September.
Abacus paid Dexus $55 million for the building last July, before leasing up vacant office and ground floor retail space.
Read moreSYDNEY’s 179 Elizabeth Street office building is reportedly close to sale for a price speculated to be about $95 million.
Echo Capital Partners, run by former Valad co-founder Stephen Day, is “in talks” to buy the building on a yield of about 7.5 per cent, according to the AFR.
GPT is selling 179 Elizabeth Street, in a deal expected to arm with it funds to buy a half share in the $800 million 163 Castlereagh Street.
Read moreAN OFFICE in Sydney’s western corridor has sold to global asset management subsidiary Aviva Investors.
The 80 Clarence Street building has sold for $29.5 million, up on the $25.3 million vendor Oakland Property paid for the building in 2006.
The 12-level office sold on an 8 per cent yield.
Read moreFIVE months since coming onto the market, Sydney’s landmark Aurora Place office building has sold for $658 million. In a
Read moreSTOCKLAND is believed to be making about $40 million from the sale of its 234 Sussex Street office, in the
Read moreA SINGAPOREAN investor is believed to have paid about $75 million for an office at 20 Hunter Street in Sydney.
Read moreHONG Kong-based CLSA Asia Pacific Markets is reported to be formalising the purchase of Sydney’s Australian Securities Exchange building, at 20 Bridge Street.
The speculated $140 million sale is expected to be finalised later this month, and would translate to a low 7 per cent yield if the building were fully occupied, which it is not.
CLSA is a brokerage and investment arm of French bank Credit Agricole, which focuses on the Asia region.
Read moreSYDNEY’s landmark Aurora Place office building has been listed for sale and is expected to sell for about $700 million.
The 41-level tower, built in 2001 on a former State Office Block at 88 Phillip Street, is owned by the Commonwealth Property Investment Trust, a Colonial First State wholesale fund. The largest tenants in the premium quality, 49,730 square metre building include the Royal Bank of Scotland, which also leases naming rights, and Minter Ellison.
The building was sold to CPIT by developers Lend Lease and its partner East Asia Property Group for $485 million in February 2001.
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