After on-selling a half stake in two of their Wynyard development buildings at 50 and 60 Carrington Street to AMP, Brookfield is getting ready to further capitalise on the strong commercial market by bringing partial interests to market in two of their King Street Wharf precinct buildings, 10 and 12 Shelley Street.
Brookfield is ultimately owned by Brookfield Asset Management, which has is listed on the Toronto and New York stock exchanges. It has $285 billion of assets under management and focuses on real estate, renewable power and global infrastructure.
According to Sydney Cityscope, 10 Shelley Street is part of the King Street Wharf 9 development and is a 16-storey tower with parking for 109 vehicles. The tower was built in 2003 and underwent a $30 million refurbishment in 2017. It has a net lettable area of 27,760 sqm and is almost wholly occupied by Suncorp.
American Express House at 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 and a building area of 14,969 sqm. The tower’s commercial space is occupied by American Express on a lease expiring in 2018 with two 5 year options and a base rent of over $11 million per year.
Brookfield purchased No 12 in a related party sale for $125,400,000 in May 2006 and gained full control of No 10 by purchasing a remaining half share for $130,600,000 in May 2014.