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

Facing the latest impacts of cyber-crime: cyber insurance premiums increase for businesses
Partner Content
As Australian businesses are forced to adapt to a new normal yet again, a different typ...
Aon
Advertisement

Related Stories

Douugh to list on US market ahead of proposed NASDAQ play

Douugh to list on US market ahead of proposed NASDAQ play

Money management fintech Douugh (ASX: DOU) hopes to access a deeper...

CBA, Antler lead $25m Series B raise for property management company :Different

CBA, Antler lead $25m Series B raise for property management company :Different

Motivated by its founders' desire to improve communication and ...

Byron, Tweed and Kempsey to go back into lockdown

Byron, Tweed and Kempsey to go back into lockdown

The northern New South Wales local government areas (LGAs) of Byron...

APA throws hat in the ring with bid for AusNet, beats Brookfield's proposal by $382m

APA throws hat in the ring with bid for AusNet, beats Brookfield's proposal by $382m

The race to take control of Melbourne-based AusNet Services (ASX: A...