This article is from the Australian Property Journal archive
DUAL $150 million-plus office tower sales have been struck across Sydney’s lower north shore, with Mapletree Investments picking up RF CorVal’s Chatswood tower at 67 Albert Avenue, and Proprium Capital Partners Australia set to flip 72 Christie Street in St Leonards.
Both deals will net the vendors handsome profits in short periods of ownership.
Singaporean group Mapletree will pay around $158 million for for the 14,800 sqm A-grade tower, which has 1,100 sqm floor plates and 193 parking spaces, and approval for a 7,100 sqm office building on the site.
It traded at a yield of around 5.7%, with a weighted average lease expiry of three years.
Mapletree last year made headlines with the $145 million acquisition of 417 St Kilda Road, the heftiest price tag seen along the precinct until Beville Group’s sale of 509 St Kilda Road this month for $163 million.
RF CorVal had held 67 Albert Street in the Value Active Fund, which will now be wound up, after acquiring the tower for $84 million just four years ago. It was expecting around $150 million from the sale.
Proprium Capital Partners Australia looks as if it will more than double its money on the St Leonards tower. It is believed to have struck a $154 million deal with Singapore-listed UOL Group for the eight-level A-grade building of 11,107 sqm, formerly known as the Westpac Technology Centre.
The result of the merger between Anton Capital and Property Capital Partners, it picked up the building for $76 million early last year at an 8.5% yield, and had secured Mastercard as major tenant to fill the space left by advertising company WPP.
UOL last year picked up the Hilton Melbourne South Wharf hotel for $230 million.
Australian Property Journal
