This article is from the Australian Property Journal archive
THE Australian Catholic University has bought a North Sydney office building to accommodate its expansion and reduce leasing costs.
ACU has bought the property at 33 Berry St North Sydney for an undisclosed price, although sources said it is approximately $90 million.
The acquisition will allow the university to reduce the cost of leasing space in the local area as it meets demand from its growing student population, which has seen a 53% increase in student numbers at the North Sydney Campus over the past three years. Staff numbers have also increased by 35% in the same period.
“ACU’s expansion reflected the university’s overall strategic plan for sustainable growth and the purchase consolidated its place as part of North Sydney’s thriving education precinct,” ACU chief operating officer Stephen Weller said.
The off-market expressions of interest campaign was conducted on behalf of a private investor who has owned the property for more than 20 years. Colliers International’s Henry Burke and Jon Chomley facilitated the sale of the 13-storey office building.
“The property offered all buyers something special and, accordingly, attracted attention from a diverse range of buyers,” Burke said. “Being fully leased and with a mixed use zoning, we saw strong interest from investors and developers but in the end the future strategy and property requirements of the ACU prevailed.”
“After owning the property for more than 20 years, the vendor is sad to see it sold but knew that the timing was right to move on, particularly given the strong lease profile and flexible zoning on offer to purchasers,” Chomley said.
Australian Property Journal
