After having purchased the Sydney Exchange Centre for $335 million earlier in the year, interests associated with Hong Kong billionaire toymaker, Dr Francis Chois, have bought 1 Castlereagh Street, Sydney for approximately $220 million. Dr Chois founded Early Light International (Holdings) Ltd in 1972 and he still chairs it today. The company is the largest manufacturer of toys in the world and has since diversified into other areas of manufacturing, the automotive industry and property.
According to Sydney Cityscope, 1 Castlereagh Street, is a 25-storey B grade office building with car parking for 52 vehicles over two basement levels. It was built in 1967 and has undergone various major refurbishments through the years. Bentleys Corporate Recovery, GlobalX and McLachlan Thorpe Partners are amongst its major tenants. It was granted development approval to create additional commercial floors at an estimated cost of $5.08 million in July of this year.
The property last traded in 2014 as part of a $391 million portfolio of seven commercial buildings across NSW, Queensland, the ACT and Victoria. The price attributed to 1 Castlereagh Street was $69.4 million, making this sale at $220 million an excellent result for the vendor, Blackstone Group L.P.