LANDMARK SYDNEY OFFICE TOWER SELLS FOR $252M

LANDMARK SYDNEY OFFICE TOWER SELLS FOR $252M
ONE of Sydney's most iconic officer towers has been sold to a Singapore-based real estate group for $252 million.

The 24-level commercial officer tower at 66 Goulburn Street, above Sydney's Masonic Centre, was sold by GDI Property Group.

The prominent corner building offers a total net lettable area of 23,124 square meters and is leased to major tenants which include Samuel Griffith Chambers, Government Property NSW, Prudential Investment Co, William Buck and the Copyright Agency.

CBRE's Scott Gray-Spencer and Michael Andrews managed the sale to Singapore-based real estate Ascendas-Singbridge Group.

Gray-Spencer says the sale highlights an ongoing strong demand for office investment opportunities in Sydney.

"With office vacancy contracting and increasing effective rents, Sydney's CBD office market remains one of Australia's most sought-after investment destinations, as highlighted by the strong sale result of this prominent tower," says Gray-Spencer.

"The distinct lack of investment opportunities in the market helped underpin widespread buyer interest and ultimately one of the strongest sale results of 2017."

In 2014, GDI acquired the tower for $136 million with over 6,000 square meters of vacancy and expiring leases including one for 10,432 square metres.

GDI property group has since leased, renewed or agreed to lease all of the property's net lettable area.

The property is close to Chinatown and is also opposite another office tower on Goulburn Street which was bought in May by Fortius Funds Management for $158 million.

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

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

“No one plans for these things”: Metricon acting CEO denies crisis rumours following founder’s death

“No one plans for these things”: Metricon acting CEO denies crisis rumours following founder’s death

Just days after the sudden and unexpected death of Metricon founder...

How tech rebooted economics and platforms broke the invisible hand

How tech rebooted economics and platforms broke the invisible hand

Growing evidence and new research explain the evolution of economic...

Twiggy takes hands-on role at Fortescue as new leaders appointed to green hydrogen business

Twiggy takes hands-on role at Fortescue as new leaders appointed to green hydrogen business

Fortescue Metals Group (ASX: FMG) has announced a major restructure...

Without foreign students and workers, retail sector calls for pensioners to fill staffing gaps

Without foreign students and workers, retail sector calls for pensioners to fill staffing gaps

The Australian Retailers Association (ARA) has called on new g...