This article is from the Australian Property Journal archive
A HERITAGE building on Liverpool Street in the Sydney CBD has sold for $6.3 million, on a gross passing yield of 7%.
Colliers International directors of investment services Steam Leung and John Bowie Wilson marketed the property in conjunction with Scott Harris from Property Partnership Australia.
The 76-78 Liverpool Street holding, located 100 metres east of Commonwealth Bank’s new pending headquarters in Darling Walk, was sold partially leased generating a passing income of $450,000 per annum gross.
Two investors were vying for the property, with a locally-based Asian family snapping up the property. Comprising two retail and four office levels, the purchaser plans to occupy the vacant upper ground floor in a restaurant-type use.
Bowie Wilson said the unique heritage building was originally constructed in 1906 and was substantially upgraded in 1999 and earlier this year.
“Because of this, the property will require minimal capital expenditure in the future,” he added. “The location is excellent as is sits exactly where the China Town and Midcity precincts have expanded to meet,”
“There is a lot going on in this location – new residential developments, newly created retail space as well as the construction of premium grade office and luxury residential towers. It’s no surprise we had investors vying for the holding,” he concluded.
Australian Property Journal
