Taking advantage of Sydney’s strong commercial property market, the owners of the Zenith twin towers in Chatswood have put their property on the market.
BlackRock, a $6 trillion US-based global investment management company and The Centuria Zenith Fund, an unlisted property fund, have appointed Scott Gray-Spencer and Michael Andrews of CBRE and Tyler Talbot and Ben Schubert of Knight Frank to handle the sale.
The Zenith Centre is a twin tower, A-grade office complex with ground floor retail; it was completed in 1987. The complex includes the Zenith Theatre, a 250-seat community theatre to McIntosh Street. The two towers are connected by a pavilion which was built in 1991 and there are five levels of basement parking for 799 vehicles. The towers are fully leased and major tenants include Transport NSW, Sage, Regus and HealthShare NSW.
The towers were built on a site originally purchased for $11.2 million in 1985 and the buildings last traded at $279.1 million in 2016. Expectations for the current sale are reportedly at $400 million plus.