GDI Property Group has sold its landmark 66 Goulburn Street office tower in Sydney for $252 million.
CBRE’s Scott Gray-Spencer and Michael Andrews, together with Knight Frank’s John Bowie Wilson and Jonathan Vaughan, managed the sale campaign of the 24-level tower, which is situated above Sydney’s Masonic Centre.
The sale forms part of GDI’s strategy to recycle assets and capitalise on the ongoing strong demand for office investment opportunities in Sydney.
Mr Gray-Spencer said the landmark sale highlighted the strength of demand for investment opportunities in Sydney’s office market.
“With office vacancy contracting and increasing effective rents, Sydney’s CBD office market remains one of Australia’s most sought after investment destinations, as highlighted by the strong sale result of this prominent tower,” Mr Gray-Spencer said.
“The distinct lack of investment opportunities in the market helped underpin widespread buyer interest and ultimately one of the strongest sale results of 2017.”
Completed in 2004, the prominent corner building offers a total net lettable area of 23,124sqm. Major tenants include Samuel Griffith Chambers, Government Property NSW, Prudential Investment Co, William Buck and the Copyright Agency.