Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

Joint venture leads to $78 million North Sydney sale

Property Markets / Transactions

Australia / Sydney

Mar 02 2018

Add to Favorites

Share this Article:

Sydney-based Marprop has joined forces with GLL, a German-based funds manager recently acquired by Macquarie Group, to purchase a North Sydney tower for close to $78 million.

The 157 Walker Street property was previously held by a long-term private owner.

Inc RE’s Steven Kearney, Mark Hansen and Richard Butler brokered the deal, which was the joint-venture's first entry to the Australian market.

Mr Kearney told The Australian that North Sydney had seen strong interest from both local and offshore investors, attracted to the area’s recent transformation, including a series of new office towers and the new metro train station.

The 8928sq m tower will provide significant short term income growth to Marprop, having had a building occupancy of 84 and a weighted average lease expiry of 1.7 years by income. 

Photo: Sean Pollock

SOURCE:

img

You may also like...


Load More

bannerImage
bannerImage

Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.

SIGN UP HERE >