59 Goulburn Street, Sydney has sold through JLL and Colliers International to Chinese developer, Poly, after it conducted due diligence late last year.
The vendor, Fortius Funds Management on behalf of SC Capital Partners, sold the property for $270 million after purchasing it in 2017 for $158 million. Fortius is a privately owned Australian investment management group.
The property was formerly known as Sydney Plaza and comprises a 28-level, B-grade office building with three levels of parking for 126 vehicles. It was completed in 1973 and has since undergone several refurbishments. Major tenants include Department Planning, Industry & Environment; Bridge Housing; and Australian Electoral Commission.
The buyer, Poly, is a diversified property developer involved in both investing and construction in the commercial and residential markets. Although the property sold with development approval for a 40-storey commercial and hotel development the new owner apparently does not intend to pursue this option immediately.
In further Poly news the group has shown further confidence in the Sydney market by withdrawing its search for a joint developer of their future 210 George Street development; they will develop the $116 million development on their own.