Weekly Transaction Update - 24th August
This week we recorded 16 major transactions worth close to $565M.
The largest deal this week was the sale by REST super to GPT of 60 Station Street Parramatta for $277.6M. The 25,700sqm, 19-storey office tower was completed mid-2012 by Leighton Properties and Grosvenor Fund Management Australia, achieving a 5-Star NABERS Energy rating. It was purchased shortly after completion by Rest for $167.5 million. The recent sale to GPT shows in excess of $100M uplift in value over the 6 year holding period, thanks to the booming Parramatta office market. The building is fully leased with a WALE of 4 years. GPT's purchase price reflects a yield of 5.34%.
Also selling this week is Michael Teplitsky's Surry Hills hotel site in Wentworth Ave, Sydney, which is approved for conversion to a luxury hotel worth more than $350 million. The assets was acquired by Golden Age for $64M who will develop the Hotel for its Hotel Equity Fund.
Also in Sydney, 80 Dixon Street Haymarket sold this week to a Singaporean investor for $61M. The asset, in the heart of Chinatown, comprises 2,490sqm and sold on a yield of just 3.6%.
Scroll through the list below or head to ReDataSource for further details.
* indicates unconfirmed price or apportionment of a portfolio sale