This article is from the Australian Property Journal archive
THE historic Accountants House in Sydney’s The Rocks has been listed for sale by Hong Kong-based Terraform Capital, which bought the heritage-listed office building four years ago for $21 million.
The six-level building at 117 Harrington Street was constructed in 1914, and since 2007 has incorporated the three-level, 1912-constructed building at 120 Gloucester Street. It boasts three street frontages, has a net lettable area of 1,417sqm and is the only Sydney office asset under 1,500 sqm that possesses a NABERS energy rating of 5.0 stars or above.
Key tenants in the building Adara Advisors, Artazan Property Group and Pharmacy Phusion. It has a weighted average lease expiry (WALE) by income of 2.89 years and a current net passing income of $1.214 million per year.
Terraform Capital bought the leasehold of the building in 2019 from Sumner Capital with a 2.5-year WALE and on a 5.25% yield. The property is subject to a 99-year ground lease to the Sydney Harbour Foreshore Authority.
Colliers’ of Joseph Lin, Vince Kernahan and Callum Cooke have the current listing, in conjunction with Jonathan Vaughan and Andrew Hartford of Knight Frank.
“Surrounded by some of Sydney’s newest developments including the Salesforce Tower and Quay Quarter tower, the property is poised to benefit from the continued evolution of the precinct,” Cooke said.
“Its location close to EY Centre, Grosvenor Place and the Four Seasons Hotel solidifies this position,” Mr Cooke said.”
Both Circular Quay and Wynyard train stations are a short walk away, as well as the light rail and Sydney ferry services.
The expressions of interest campaign closes on 24th of March.
