This article is from the Australian Property Journal archive
ANKA Property Group has quietly bought back the Edgecliff offices of ASX-listed McGrath in Sydney’s eastern suburbs from Mirvac’s co-founder Bob Hamilton, for $41 million.
The 179-191 New South Head Rd building has a total net lettable area of 3,560 sqm with five levels of office space and basement parking for 67 cars after expansion in the early 2000s.
The transaction comes ahead of the real estate agency’s move to Pyrmont later this year. McGrath is expected to move to 1,500 sqm within Domain’s heritage building at 100 Harris St on the city fringe in late October or early November.
Annual rents in the 1890s-built former wool store are believed to be around $600 to $700 per sqm gross, and it is believed this slightly below what the agency was paying at Edgecliff.
Domain and co-working major WeWork also operate from the building.
Anka Property Group, directed by Vera and her son Andrew Boyarsky, and which has its address currently listed as level three of the Edgecliff building, purchased the property in 2001 for $10.6 million when it was the Woollahra Council offices for a short period. McGrath and data warehouse company Tacoma took up leases shortly afterwards.
Former Mirvac chief Bob Hamilton bought the building for $19.26 million in 2005.
New Commercial Building Disclosure documents list the new owner as Anka Eastern Pty Ltd.
Anka Property Group’s development portfolio includes the $200 million Union Balmain residential project in Sydney’s inner-west, completed 2013, and the 200-apartment Union Place mixed-use complex in Rozelle.
It sold all nine shops within the Union Place project for $10.5 million last year.
Anka reportedly sold a New South Head Rd showroom to Chinese-backed developer Loftex two years ago for $35.325 million, which expanded the site with the $21.25 million purchase of a Bay St property.
In 2016, Anka paid more than $15 million for a Double Bay block of 22 offices from the widow of mining magnate Lang Hancock, Rose Porteous, with intentions to redevelop the Bay St into luxury apartments.
