Arch Capital pick up 95% of North Syd asset
Hong Kong's Arch Capital, is set to take control of 68 Alfred Street North Sydney, following the collective sale of 95 per cent of the strata office block for about $45 million.
In November 2018, Colliers took to market 64% of the unit entitlements, however as this was insufficient to take advantage of the recent reform to NSW strata laws, a sale was delayed.
Arch Capital ultimately struck an initial agreement with owners holding 75 per cent of unit entitlements in the block and then secured a further 20 percent with now just 5% of owners preferring to hold out.
The B-grade 4402 square metre building at 68 Alfred Street was strata-titled in 1997. It has 11 levels of offices, retail space on the ground floor and 28 basement car parks. It is returning a net annual rent income of more than $2 million.
Arch Capital is understood to be planning a substantial upgrade of the building.