400 Kent Street Sydney was the largest transaction this week at $120M. The 10,461sqm asset was sold by Credit Suisse Asset Management on a 4.5% yield having acquired the asset in 2013 for $91.6M. The 11-storey office tower, was extensively refurbished in 2003 with a further $3 million spent on major plant and equipment in recent years. The building is fully leased to the Central Queensland University and provides a 14.6 year weighted average lease expiry. The purchaser was Longbow Enterprises, a private Hong Kong family fund which has been active in recent years acquiring the Octagon office tower in Sydney's Parramatta for about $83 million and 171 Clarence Street, which it picked up for $37.9 million.
Also this week, the sale of 256 Coward Street Mascot was registered at the titles office with a price of $82.5M recorded. The seller was an entity associated with builder / developer Toplace and the buyer a subsidiary of Meriton. The East Square project is approved for 470 apartments and is currently under construction and due for completion in 2020. The price represents $174,469 per apartment.
Bunnings Hardware stores continue to attract strong interest with a pre-sale to MPG Funds Management secured this week for the new Bunnings Port Macquarie store. The sale at $44.65M will represent a yield of 5.64% with the deal based on a land transfer and fund through arrangement with a local developer.
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* indicates unconfirmed price or apportionment of a portfolio sale