In the last, and almost largest commercial sale of 2018, Charter Hall has purchased the freeholds of 10 and 12 Shelley Street, Sydney for $804 million.
Charter Hall is one of Australia’s leading property groups with over $26.4 billion worth of assets spread over 768 properties. The group purchased a 50% leasehold interest in neighbouring property, 1 Shelley Street, through the Charter Hall Prime Office Fund, in 2016 for around $262 million.
The Charter Hall Group bought the properties using a combination of wholesale office and direct office investment funds: Charter Hall Prime Office Fund, Charter Hall Direct Office Fund and Charter Hall Direct PFA Fund. The sale was arranged by Josh Cullen of Cushman and Wakefield and JLL's Paul Noonan, Rob Sewell and Simon Storry.
10 Shelley Street is a 16-storey tower with parking for 109 vehicles, completed in late 2003, with a building area of 27,760. It is almost fully leased by Suncorp. 12 Shelley Street is an 11-storey office building with retail space on the ground level and four levels of basement parking for 69 vehicles. The building has a 5-star NABERS rating and a building area of 14,969 sqm; it is fully leased by American Express. Both properties enjoy an excellent location, being next door to King Street Wharf, Barangaroo and the new Wynyard tunnel and entrance.