The Exchange Centre in Sydney has been sold for an amount between $330 million and $350 million to an undisclosed buyer from Hong Kong.
An agreement has been reached to sell the Exchange Centre at 20 Bridge Street, Sydney, also referred to as the ASX Building, for an amount between $330 million and $350 million. The building was put to market in early March and the sale was arranged by Simon Fenn, Ian Hetherington and Ben Azar of Savills in Sydney. The purchaser is a yet to be disclosed buyer from Hong Kong.
The vendor was pension fund, Kumpulan Wang Persaraan. The fund was established in March 2007 by the Malaysian Federal Government to manage pension contributions for employees of the federal government, statutory bodies and local authorities.
According to Sydney Cityscope, the ASX Building is a 16-level commercial building with 2 levels of basement parking for 34 cars, ground floor retail and offices on levels 1-14. There is an 8 metre high section to Bridge Street known as Exchange Square, comprising a financial plaza with four large screens showing stock exchange activity,
a 600 sqm retail/function centre, an 80-seat brasserie and a 300-seat auditorium. Its major tenant is, of course, the Australian Stock Exchange.
The building traded at $176 million in 1999, at $238 million in 2006 and then was bought by Kumpulan Wang Persaraan for $185 million in 2011. This sale, between $330 and $350 million was on a reported yield of 4 to 4.5%.