Sydney commercial market remains strong
2015-12-23
Further evidence of the strength of Sydney’s commercial market can be seen with the recent sale of 117 Clarence Street in the CBD this week.
Realising a profit of $20 million over two and a half years, Altis Property Partners has sold the building for $81 million in a sale arranged by John Bowie Wilson of Knight Frank and Michael Stokes of CI Australia. Altis, founded by Paul Notaras, Shaun Hannah, Alastair Wright and Chris Packett in 2008, is an Australian private equity real estate investment group with over $1 billion under management.
Purchaser is Roxy Pacific Holdings. Roxy Pacific, a property and hospitality group, was established in 1967 and listed on the Singapore Exchange (SGX) in 2008. Besides the ownership and running of Grand Mercure Roxy Hotel in Singapore the group is mainly engaged in the development and sale of residential and commercial properties.
According to Sydney Cityscope, 117 Clarence Street is a 14 storey office building, including retail tenancy on the ground floor, a two level hotel, 11 levels of office space and basement parking for 33 cars. With a NABERS rating of 4 stars, the building has a net lettable area of 12,571 sqm and floor plates of 1,000 sqm. Major tenants include AMEB (Australian Music Examinations Board), NSW Board of Studies, Gosper Rawlings and the Office Hotel.
The property last traded at $61 million in July 2013. Roxy Pacific’s price of $81 million definitely reflects the strength of the Sydney commercial market but also the building’s proximity to and views of Darling Harbour and situation of three street frontages. Such a position always leaves open the possibility of a future residential conversion.
source: http://www.corelogic.com.au/news/sydney-commercial-market-remains-strong
Realising a profit of $20 million over two and a half years, Altis Property Partners has sold the building for $81 million in a sale arranged by John Bowie Wilson of Knight Frank and Michael Stokes of CI Australia. Altis, founded by Paul Notaras, Shaun Hannah, Alastair Wright and Chris Packett in 2008, is an Australian private equity real estate investment group with over $1 billion under management.
Purchaser is Roxy Pacific Holdings. Roxy Pacific, a property and hospitality group, was established in 1967 and listed on the Singapore Exchange (SGX) in 2008. Besides the ownership and running of Grand Mercure Roxy Hotel in Singapore the group is mainly engaged in the development and sale of residential and commercial properties.
According to Sydney Cityscope, 117 Clarence Street is a 14 storey office building, including retail tenancy on the ground floor, a two level hotel, 11 levels of office space and basement parking for 33 cars. With a NABERS rating of 4 stars, the building has a net lettable area of 12,571 sqm and floor plates of 1,000 sqm. Major tenants include AMEB (Australian Music Examinations Board), NSW Board of Studies, Gosper Rawlings and the Office Hotel.
The property last traded at $61 million in July 2013. Roxy Pacific’s price of $81 million definitely reflects the strength of the Sydney commercial market but also the building’s proximity to and views of Darling Harbour and situation of three street frontages. Such a position always leaves open the possibility of a future residential conversion.
source: http://www.corelogic.com.au/news/sydney-commercial-market-remains-strong
- *E-mail：
- *Cel：
- *Password：
