This article is from the Australian Property Journal archive
TELSTRA has offloaded two of its exchange buildings, one in Sydney’s Lidcombe and the other in the Newcastle suburb of Merewether, for a combined $5.495 million at auction.
Four bidders competed for the 98 Parramatta Road building in Lidcombe, which sold for $4.5 million after bidding started at $2.5 million. The 1,939 sqm site has a single-storey brick building and was sold with a leaseback to the telco until 2022.
The 735 sqm site at 125 Ridge Street in Merewether sold for $995,000, also with a leaseback to Telstra until 2022.
Both of the properties are operating as exchanges and data centres.
Ray White Commercial Newcastle’s Lee Follington and Kyle Cable sold the properties, which were auctioned at the agency’s Sydney CBD head office.
The three other properties on the auction schedule were passed in. They which included a development site in Wolli Creek with approval for a residential project, a passive commercial investment operating as the Petersham Inn, and a freestanding retail-commercial building in the Parramatta CBD.
The agency is marketing a third Telstra property, in Sans Souci, via expressions of interest. The corner block of 906 sqm at 279 Rocky Point Road in Sydney’s south is being offered with a lease to Telstra until 2022 with a one-year option.
Australian Property Journal
