As commercial sales in the Sydney CBD continue, an office tower at 179 Elizabeth Street, Sydney has been sold for $265 million, apparently about $15 million more than was expected.
The sale was arranged by Colliers International and Savills and the vendor was the M6 Property Trust, a privately held property trust controlled by James Markham of Point Piper and managed by Markham Real Estate Partners Pty Limited. The purchaser was a private investor based in Macau (China).
According to Sydney Cityscope, 179 Elizabeth Street is a 21-storey building comprising basement parking for 107 vehicles, lower level retail and club space and office space above. It was completed in 1992, has a net lettable area of 15,017 sqm and a 4-star NABERS rating. The low-rise section of the building was retained by the previous owners of the site, the Tattersall's Club, the Women's Club, and the Daughters of St Paul. It is not immediately clear if these floors are included in the sale.
The building last traded for a total of $164.8 million when the Markham group made their purchase via two transactions between December 2015 and October 2017.