Sydney-based real estate investment group Markham has struck a deal to buy 22 O’Riordan Street via a short-term sale and leaseback while it works up plans for an A-grade tower.
The purchase from City Holdings Pty Ltd for $71.5 million was brokered by Colliers.
In June, Markham lodged a Concept Development Application on the 7,436sqm site for a new 20,000sq m A-Grade campus-style office development with a 22m building high envelope with 1-2 basement levels.
Markham expects that the demand for commercial office space will ramp up as many buildings are converted to residential uses. Markham also expects tenants from the city will find Alexandria appealing noting that major companies have already made the move to precincts such as Mirvac’s South Everleigh including Caltex who last week reported to be shifting its Sydney head office to Alexandria.