Propertylink, acting for its Propertylink Enhanced Partnership (PEP), and owner of 80 Mount Street, North Sydney, has announced the building’s sale at $71 million. PEP is a fund established in 2016 which is jointly owned by Propertylink (25% share) and Goldman Sachs (75% share). It was founded by an initial $142 million portfolio acquired in 2016 and a later $145 million purchase in 2017.
80 Mount Street, according to North Sydney Cityscope, is a building of 18 levels comprising ground floor retail, 14 upper levels of offices and 3 levels of basement parking for 48 vehicles. The building has an area of 6,332 sqm and is also within a couple of minutes walk of North Sydney Station. Tenants include Crawford Architects, SecurePay and Century Private Wealth.
PEP purchased the building as part of a portfolio of nine commercial assets in August 2016. The price attributed to this property was $36,671,299. Refurbishment undertaken since the purchase and initiatives to increase the occupancy levels from 75% to 92% have seen the fund almost double its money in two years.