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More than $150 million expected for Sydney tower

Property Markets / Transactions

Australia / Sydney

Mar 02 2018

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A new-to-market office tower at 117 Clarence Street in the Sydney CBD is expected to sell for more than $150 million. 

Singapore-based developer and investor Roxy-Pacific Holdings purchased the tower from private equity real estate group Atlic Property Partners for $81 million in 2015. Two years earlier, the tower sold for $61.25 million and has since been refurbished. 

The western corridor tower includes 12, 571 square metres of office space and is four-star NABERS rated, making it close to the newly renovated Wynyard train station and the Barangaroo precinct. 

The 11-floor property has 1000-square-metre floor plates, 33 basement car parks and a two level pub-hotel on the corner of Erskine and Kent streets. 

Roxy-Pacific has been active in the Australian and New Zealand property markets, selling the office tower at 59 Goulburn Street to Fortius Funds Management  for $158 million last year, and acquiring 1 Fanshawe Street and 205 Queen Street, Auckland. 

 

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