This article is from the Australian Property Journal archive
AUSTRALIAN advisory firm iProsperity Group has teamed up with China’s Bridge Capital to purchase the 333 Kent St office tower in Sydney’s CBD for the lucky superstitious price of $88,888,888.
Eight is the luckiest number in Chinese culture, and the new owners will be hoping that translates to good fortune for the high-end hotel and residential project they will utilize the site’s development approval for.
Colliers International negotiated the deal, with Maville Bay Pty Ltd the vendors.
The sale price reflects a yield of 5.9%.
The office building is located near Barangaroo, Darling Harbour and Martin Place. It comprises eight upper levels of office space and ground floor retail totalling 9,076 sqm, and two levels of car parking for 41 vehicles.
It is fully leased until end April 2017 on a current net passing income of $5.296 million p.a.
The site was sold with development approval for a 24-level hotel and residential tower with a GFA of 16,698 sqm, which indicatively allows approximately 179 hotel rooms and 69 apartments.
The property last changed hands in August 2010, when Stockland sold it for $41.5 million on a passing yield of 8.8%.
Australian Property Journal
