Liverpool office building sold for $52.5 million
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Feb 27, 2020
Liverpool office building sold for $52.5 million
A commercial office asset has become Liverpool's highest ever property transaction after being sold to Chinese investors for $52.5 million in a deal negotiated by Ray White Commercial Western Sydney, in conjunction with Colliers International.
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Ray White Commercial Western Sydney211 Northumberland Street, Liverpool.
A private Chinese investment group has purchased a commercial office building in the Liverpool CBD following a successful expression of interest campaign for $52,500,000.
The asset at 211 Northumberland Street was originally purchased by vendors ESR Australia as part of the Denison Portfolio, that also included a building in Campbelltown.
Comprising 7,645 square metres Net Leasable Area, the building sat in the centre of Liverpool CBD and was fully leased to the NSW Government Department – Family and Community Services – until 2022.
The asset was marketed and sold by Ray White Commercial Western Sydney Managing Director Peter Vines and Associate Director Victor Sheu, in conjunction with Colliers International's James Barber, Frank Oliveri and John McCann.
Source: Ray White Commercial Western Sydney
Mr Vines said 211 Northumberland Street was one of Centrelink’s most concentrated multi-service centres across Australia.
“We had a huge amount of interest throughout the campaign with more than 120 enquiries coming from multiple demographics,” he said.
“The sale represents an initial yield of 6.6 per cent – and with the high-profile tenant already in place – the asset produces a p.a. income of $3,458,927 as of January 1, 2020.
“With Parramatta currently booming, investors are seeking the next hot spot and given its proximity to the new airport and billions of dollars being invested in infrastructure in the South West, Liverpool is a very good option.”
Source: Ray White Commercial Western Sydney
Mr Sheu said the property was an impressive commercial asset investment that came with value add potential.
“The property is a four-level commercial building that was completed in circa. 2000 and has two levels of security basement parking,” he said.
“The asset offers large efficient floor plates that are light-filled and flexible. The plates are highly desirable to Government tenants with a strong retention history.
“Being in the Liverpool CBD, it provides easy access to the M5 motorway, Hume Highway and arterial roads. It’s also close to the Westfield shopping facilities.”
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Important Information:
Contact details:
Frank Oliveri
Director in Charge Sydney West and South Colliers International
612 9840 0250
Email
12462
11139
Frank Oliveri
Peter Vines
Ray White Principal
0449 857 100
Email
12462
11148
Peter Vines
