Tuesday, 13 September 2016
New South Wales
Sydney Office Building Sold (www.afr.com)
Deutsche Asset Management has acquired the 9,257m² office building at 90 Arthur Street, Sydney for $73.5 million ($7,940/m² of lettable area), reflecting a yield of 6.5%.
The building is 90% leased with a WALE over 3 years.
Sydney CBD Office Market (www.knightfrank.com.au)
Within the 6 months to July 2016, 110,731m² of office space was permanently withdrawn from the market, while 126,474m² of new stock has been developed.
Industry research indicates secondary and prime gross effective rental growth rates increased 16.6% and 13.2% respectively over the 12 months to July 2016.
Geelong West Shopping Centre Sold (www.afr.com)
A foreign investor has acquired the 6,076m² Pakington Strand Shopping Centre for $32 million ($5,267/m² of lettable area), reflecting a yield of 4.7%.
The centre is anchored by a Woolworth’s supermarket and 14 specialty shops and has a WALE of 14.8 years.