Sydney CBD’s commercial property market continues gaining strength with $1.915 billion changing hands over 54 sales during the most recent quarter.
Taking advantage of this rising market is Investa Commercial Property Fund (ICPF), which is putting a 50% share of the long term leasehold of 201 Kent Street, Sydney to market. ICPF is an unlisted wholesale fund with more than $5.2 billion in assets under management.
201 Kent Street is comprised of the 34-level AON Tower, the 5-storey Grafton Bond Building and connecting 6-storey glazed atrium.
AON Tower, completed in 1988, includes a retail plaza at ground level, four levels of basement parking and three plant levels. With a building area of 40,176 sqm its major tenants include Bacardi Martini Australia, Kellogg Brown & Root, Crown Resorts and numerous small retailers. It is connected to 207 Kent Street by a 6-storey glazed atrium that was also built in 1988.
The Grafton Bond Building, also known as the Grafton Bond Store, is a large five-storey brick Victorian Former warehouse with Flemish-style detailing which was built in 1881. It was one of a number of classified buildings restored and converted to commercial space as part of construction of the Maritime Trade Towers.
This 50% share of the leasehold last traded at $173 million in mid-2014.