It would appear that investment managers, TH Real Estate, has found a purchaser for 20 Hunter Street, Sydney. The property was put on the market in August by Sydney agents, Inc RE and Colliers International.
Purchaser will be K. Wah Group, a corporation founded by Dr Lui Che-Woo in 1955. It engages in property development and investment, entertainment and leisure resorts, hospitality, and construction materials and its operations span Mainland China, Hong Kong, Macau, Southeast Asia and major North American cities. Worldwide it employs over 30,000 people.
According to Sydney Cityscope, 20 Hunter Street was completed in 1998 at an estimated cost of $24 million. It is a 20-level commercial/retail building consisting of 2 basement parking levels with 17 car spaces, ground floor retail to Hunter Street, Hamilton Street and Curtin Place and office use on levels one to sixteen. With a building area of 10,000 sqm, it sits on a block of 859 sqm and has a 4-star NABERS rating. Its major tenants include Swaab Attorneys, Wendy Wu Tours and Napier & Blakeley.
The purchase price is said to be $190 million. It last traded at $96 million in 2013 representing an initial yield of 6.25%.