Singapore based real estate firm Ascendas-Singbridge has purchased the 128-year leasehold of an A-grade 24-storey office tower at 66 Goulburn Street, Sydney for $252 million. The deal was negotiated by Jonathon Vaughan, John Bowie Wilson, and Neil Brookes from Knight Frank in conjunction with Scott Grey-Spencer and Michael Andrews from CBRE. The vendor, GDI Property Group, a property and funds management group listed on the Australian Securities Exchange, purchased the leasehold of the tower for $136 million in June 2014 from Australand Property Group and PFA Diversified Property Trust.
The 66 Goulburn Street tower is built on top of the six-storey Masonic Centre, and was originally completed by Grocon in late 2004. The tower has a net lettable area of 23,124 sqm, with typical floor plates of 975 sqm and basement parking for 54 cars. The tower has a 5-star NABERS Energy Rating. Major tenants include the Credit & Investments Ombudsman with a lease expiring in June 2021; Copyright Agency with a 1,500 sqm lease expiring in September 2022; The Office of the Director of Public Prosecutions with a lease expiring in May 2019; and Samuel Griffith Chambers with a lease expiring in September 2026.
The tower is owned on a 128-year leasehold expiring in August 2116. The freehold of the property and the Masonic Centre are owned by United Grand Lodge of Ancient Free and Accepted Masons of NSW.
The purchaser, Ascendas-Singbridge, is jointly owned by two Singapore state owned companies, Temasek Holdings and JTC Corporation, and has over $20 billion in commercial, hospitality and industrial assets under management.