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

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