Joint Venture Invests in a Sydney Building for $158 Million

A recent Sydney CBD sale demonstrates the continuing strength of the commercial property market.

In a sale arranged by Colliers International and JLL, 59 Goulburn Street, Sydney has sold for $158 million. The vendor was a subsidiary of Roxy-Pacific Holdings. Roxy-Pacific was established in 1967 and listed on the Singapore Exchange in 2008. Its main focus is the development and sale of residential and commercial properties. 

The purchasers were I-Prosperity Pty Ltd and Toga D&C Pty Ltd. I-Prosperity was founded in Sydney in 2005 and specialises in providing a comprehensive advisory service in private investment for clients from Asia. Toga D&C is part of the Toga Group, which is a property developer of residential apartments and a hotel operator across Australia, New Zealand, and Europe. The company was established in 1963 by Ervin and Charlotte Vidor of Vaucluse. 

According to Sydney Cityscope, 59 Goulburn Street is a 28-level, B-grade office building with three levels of car parking for 126 vehicles. The building was completed in 1973 and has since been extensively refurbished. It currently has a net lettable area of 19,721 sqm and its major tenants include NSW Environment & Heritage, Australian Electoral Commission and Norske Skog (Australasia).

The property last traded at just over $90 million in 2014. This sale at $158 million perhaps also reflects the property’s approved development application for an additional ten storeys and hotel, commercial or residential use.