This article is from the Australian Property Journal archive
EG Funds Management has sold its 223 Liverpool Street heritage-listed asset in Sydney’s Darlinghurst to an European investor for $33 million, just two years after acquiring the property for $17.45 million.
In the latest transaction the site was purchased by ST Real Estate Australia, European-based clients of Fidinam Australasia Real Estate.
The five-level building has a net lettable area of 4,477sqm and is currently in the process of attaining development approval for a staged refurbishment and repositioning.
Formerly known as Holdsworth House, it was the seed asset EG’s closed-end Core Plus Fund No 1, but according to the fund manager was “encumbered with a number of existing leases and unfavourable floor configuration.”
“The asset offered an excellent opportunity to add value through a complete refurbishment while providing a robust initial yield at acquisition,” EG’s divisional director Daniel Farley said.
“Following strong unsolicited interest, EG has capitalised on an extremely strong Sydney office market, with the sales price providing returns consistent with the acquisition’s refurbishment strategy, minus the delivery risk,” he added.
EG were represented in the negotiations by Knight Frank’s Jonathan Vaughan and John Bowie Wilson, whilst Craig Stuckey of Fidinam represented the purchaser.
Australian Property Journal
