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Joint venture leads to $78 million North Sydney sale

Property Markets / Transactions

Australia / Sydney

Mar 02 2018

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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



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