Abacus acquires North Sydney tower for $311 million

Abacus acquires North Sydney tower for $311 million

Abacus Property Group (ASX: ABP) is making a $311 million bet on the revival of North Sydney with its latest acquisition.

The group has acquired 99 Walker Street, North Sydney for $311.3 million, reflecting around $16,100 per square metre of net lettable area (NLA).

The property is located on the corner of Walker Street and Mount Street in North Sydney, offering 21 levels of office accommodation over around 19,295sqm of NLA as well as 229 car spaces.

The building is situated at the midpoint between North Sydney Station and Victoria Cross Station, the latter of which is expected to be completed in 2024.

Abacus Property Group managing director Steven Sewell says the group intends to capitalise on the revival of North Sydney.

"This transaction aligns with our strategic priority of acquiring assets in specific locations where we see amenity and infrastructure improvements that we believe will translate to strong tenant demand," says Sewell.

"The acquisition demonstrates our solid progress as Abacus transitions to a strong asset backed, annuity style business model."

Shares in Abacus are up 0.53 per cent to $3.76 per share at 11.54am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Operating the board collaboratively, efficiently and securely
Partner Content
'Digitisation' and 'digitalisation' are two words that are frequently t...
OnBoard
Advertisement

Related Stories

Myer's online sales surge 54 per cent but Omicron hampers post-Christmas performance

Myer's online sales surge 54 per cent but Omicron hampers post-Christmas performance

Although Myer (ASX: MYR) has reported a strong period of trade in t...

Demand for local travel sees Camplify flourish despite lockdowns

Demand for local travel sees Camplify flourish despite lockdowns

Despite widespread lockdowns restricting movement across Australia,...

Consumer confidence bounces back after hitting 15-month low

Consumer confidence bounces back after hitting 15-month low

Australian consumer confidence rose 2.2 per cent last week after dr...

Coca Cola offloads beer and cider brands to Yellow Tail and Peter Lehmann Wines owner Casella

Coca Cola offloads beer and cider brands to Yellow Tail and Peter Lehmann Wines owner Casella

No longer the eternal hoptimist, Coca-Cola is finally calling last ...