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    Mass exits from Sydney’s commercial real estate market

    More than $1 billion worth of Sydney office space has hit the market in the last month, according to The Australian Financial Review.

    Among these are the 11-storey building at 299 Elizabeth Street and the 15-storey office building at 160 Sussex Street.

    The Elizabeth Street building was attained by a Chinese group in 2014 for $45 million, and had recently undergone a $1.55-million upgrade. Its current owner has chosen global property consultancy, Knight Frank, to sell the property.

    As for the Burcher Property Group-owned Sussex Street building, its sale will be handled by global real-estate company, Savills. The tower offers $4.6 million in net income.

    If reports are to be believed, the exodus from the Sydney commercial market is due to growth in the western corridor of Sydney providing better opportunities.

    "What is happening within the western corridor precinct is changing the dynamics of the Sydney CBD," Savills agent Graeme Russell told The Australian Financial Review.  

    "New construction worth billions in office, residential, hotel, transport, infrastructure and entertainment developments in the area gives Sydney a new focal point."

    Last month, the 24-storey Civic Tower at 66 Goulburn Street was sold to Singapore-based real estate firm, Ascendas-Singbridge, for $252 million.

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