Weekly Transaction Update - 23rd February
As most of the major REIT & media focused on the half yearly results, there was very little transaction activity this week with only 11 major asset sales for $197M.
The largest deal was the acquisition by Marks Henderson of 88 Cumberland Street, The Rocks for $56.0M. The sale represents a yield of approx 4.1%, pointing to the likely strata subdivision or residential conversion. At $12,000/psm, the more likely scenario (SCTA) is the potential for a residential conversion. It is a six-level building comprising ground floor retail area, four levels of office space and 14 car spaces, the 6th floor is separately titled (not part of this sale) and contain 4 residences. The building was completed in 1991 and refurbished in late 2002..
A Scroll through the list below or head to RE-Intel for further details.
* indicates unconfirmed price