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MLC Centre to spark international investor contest

Property Markets / Transactions

Australia

Mar 06 2019

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A 50 percent freehold interest in the MLC Centre at 19-29 Martin Place in Sydney’s CBD is being offered for sale via international expressions of interest.

Savills Australia’s Ian Hetherington, Simon Fenn and Ben Azar, and Cushman & Wakefield’s Josh Cullen and Mark Hansen, have been exclusively appointed to market the landmark asset.

Mr Hetherington said the campaign was expected to attract interest from all major global investors, as it presented “a rare opportunity to secure an Australian icon”. 

“Standing at a remarkable 228 metres tall, the MLC Centre was designed by renowned architect Harry Seidler and is one of the most prominent and striking buildings on the Sydney skyline,” he said. 

“Arranged in four rises, it is one of Sydney’s only buildings to offer sky-rise office floors, which enjoy 360-degree views of the Sydney CBD, Darling Harbour, Sydney Harbour and surrounds.”

Located in the heart of the Sydney CBD adjacent to the Sydney Metro project’s new Martin Place station, the MLC Centre comprises 67,408sqm of prime office space across 57 floors, in addition to 10,305sqm of prime retail space.

“The property occupies one of Sydney’s largest freehold sites,” Mr Azar said. 

“Office assets of this size and calibre are rarely offered to the market, making this an unparalleled investment opportunity.”

Mr Cullen said the projected strong rental reversion would be a key selling point for prospective buyers.

“Coupled with falling vacancy rates, the current market conditions in Sydney are poised to encourage positive rental reversion,” he said.

Mr Azar said the MLC Centre presented significant future upside opportunities through its DA-approved retail redevelopment, which will expand the retail offering on the site and utilise the 255-metre prime street frontage, especially along King and Castlereagh streets.

“This makeover will have great appeal to high-end retailers,” he said.

“The improvements seek to increase pedestrian foot traffic through the activation of laneways, and revitalise the heart of the MLC Centre to provide a more attractive precinct for tenants and visitors.”

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