Grade-A office tower in North Sydney sold for A$311M

Grade-A office tower in North Sydney sold for A$311M

Abacus Property Group has acquired 99 Walker Street, a Grade-A office tower in North Sydney, NSW from Oxford Investa Property Partners.

”Total consideration for the acquisition is A$311.3 million, excluding transaction costs and reflects circa $16,100 per square metre of net lettable area (NLA),” said in a statement.

The property is a prominent Grade-A office building located on the corner of Walker Street and Mount Street in North Sydney, offering 21 levels of office accommodation over circa 19,295sqm of NLA as well as 229 carspaces.

Located at the midpoint between North Sydney Station and Victoria Cross Station (completion scheduled for 2024), the asset is expected to benefit from North Sydney’s revival.


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Located at the midpoint between North Sydney Station and Victoria Cross Station (completion scheduled for 2024), the asset is expected to benefit from North Sydney’s revival.

“This transaction aligns with our strategic priority of acquiring assets in specific locations where we see amenity and infrastructure improvements that we believe will translate to strong tenant demand,” said Steven Sewll, Managing Director.

”The acquisition demonstrates our solid progress as Abacus transitions to a strong asset backed, annuity style business model.”

”Importantly the acquisition of this asset, on balance sheet by the Group, delivers on the strategic priorities outlined in the July placement and full year results presentation – that being investment in several high quality income producing Commercial Office and Self Storage properties,” he added.