Tuesday, 11th December 2018
New South Wales
Wollongong Office Sale Breaks $/m² Record (AFR)
Private Investors Avari Capital Partners have purchased the offices at 90 Crown Street, Wollongong NSW 2500 for $50 million and a record $5500/m² for a commercial building of its size. The seven-level asset comprising of 9172m² of Net Lettable Area (NLA) is 100% leased with an attractive Weighted Average Lease Expiry (WALE) of 3.5 years. The deal was struck on a yield of 7.75% and sold by private company Castlerock.
Harbour Town Shopping Centre Stake Sells for $180 million (AFR)
A 25% stake in Harbour Town Shopping Centre in Queensland’s Gold Coast, owned by Australia’s $149 billion Future Fund, has been acquired for $180 million by a Lendlease fund on a yield of less than 5%. The Lendlease managed Australian Prime Property Fund now has a 50% stake in the 55,225m² asset.
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