Dudley House in Sydney has been sold for the first time in 33 years.
Dudley House at 468-472 George Street, Sydney has been offered for sale and sold for the first time in 33 years. The property sold together with the neighbouring property at 458 George Street for a combined total of $116 million. John Bowie Wilson and Jonathan Vaughan of Knight Frank Sydney negotiated the sale.
The vendor, Moss Nominees Pty Ltd, is a private company owned by Alexander and Magda Moss of Vaucluse. The company had purchased the properties over three transactions between 1975 and 1995 for a total of $8.656 million.
The purchaser, EVENT Hospitality & Entertainment, operates cinemas, hotels and resorts in Australia, Fiji, New Zealand, and Germany and is the owner of several adjoining buildings. EVENT began life as Union Theatre in 1913, evolving into Greater Union in the 1930’s and later listing on the ASX. Members of the Rydge family are the major shareholders of the company and the chairman is Alan Rydge of Point Piper.
According to Sydney Cityscope, Dudley House is a six-storey office with a basement level; built circa 1935. It comprises numerous small suites and ground level retail including tenants such as Lowes, Norton Jewellery, York College of Music and Rantzos Hairdressing. 458 George Street is a two-storey retail and office building with four shops at street level, including a 7-Eleven store and Downtown Souvenirs.
The two properties return $2.45 million net a year and were bought on a yield of 2.11%. More importantly though, the sale delivered control of the George and Market Streets’ corner to EVENT.