The Pymble Corporate Centre has been sold to a Chinese property development company for $78 million.
In the leafy suburb of Pymble on Sydney’s North Shore a commercial building has sold for $78 million. The Pymble Corporate Centre at 20 Bridge Street has been sold by Robert Magid, worth an estimated $489 million according to the BRW 2016 rich list, and his sister, Eleanor Goodridge.
The buyer has been reported as the Yuhu Group, a Chinese property development company founded in 2012 by its chairman, Xiangmo Huang, and named after the village of his birth, Yuhu of Guangdong Province. The company’s portfolio includes the luxury apartment complex, The Miller, a fifteen-storey commercial building at 20 Berry Street, North Sydney, and shopping centres at Eastwood and Glenwood.
The centre comprises three low-rise buildings with parking, well-tended gardens, access to the M2 and Pymble Railway Station. It has a café and childcare centre on-site and its tenants include Alsco Linen, SGFleet and numerous small commercial tenants.
The property last traded at $32.25 million in October 1995. This sale, at $78 million, reflects a yield of 7.2%. Sitting on a site area of 14,300 sqm, the strong yield probably indicates a long-term strategy of rezoning the land for residential development.