In one of the first major sales of 2018, 299 Elizabeth Street, Sydney has been sold for $90 million. The vendor was 299 Elizabeth Pty Ltd, a private company directed by Xiaoxuan Zhong of Pyrmont and owned by Jingru Lin, also of Pyrmont.
According to Sydney Cityscope, 299 Elizabeth Street is a 12-storey building comprising ground floor retail space of 385 sqm, 10 floors of office space with a total net lettable area of approximately 5,943 sqm and a top floor penthouse. Major tenants include Genesis Offices, Shine Lawyers and Henry Parkes Chambers. It was completed in 1989 and designed by Sydney architects, Rice Daubney.
The property last traded at $45 million in June 2014, which sees the vendors doubling their money in three and a half years. The $90 million sale represented an initial yield of 4.19% on a passing income of $3,770,000 (net).