Westpac sells Sydney office

The Westpac Office Trust has recorded a loss selling a Sydney office it bought in late 2006.

The Kensington property, 221 – 227 Anzac Parade, traded for $35.5 million reflecting a 7.6 per cent passing yield.

The vendor paid $41m at a 6pc return a little under three years ago.

Westpac fund manager Keith Grayson said the sale is consistent with the manager’s strategy of disciplined capital management.

Funds will retire debt. 

The office measures 10,685 square metres and is leased to the University of New South Wales (which sold it to Westpac) until 2032.

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Marc Pallisco

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

Marc Pallisco

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