The owners of 117 Clarence Street, Sydney have almost doubled their money in three years after having sold the property for $153 million. The lucky vendors are subsidiary companies of Singaporean development companies, The Tong Eng Group and Roxy-Pacific Holdings Limited. The partners purchased the building for $81 million in February 2016.
The Tong Eng Group is a family business which was formed by the Teo Brothers in the 1940s. The company continues into its third generation under the leadership of Group Managing Director, Teo Tom Ling.
Roxy-Pacific Holdings Ltd was established in 1967 and was listed on the Singapore Exchange (SGX) in 2008. It is principally engaged in the development and sale of residential and commercial properties and is owner of the Grand Mercure Roxy Hotel in Singapore.
The purchaser, Investa Commercial Property Fund (ICPF), is an office fund for institutional investors which has more than $5 billion in assets under management. ICPF’s portfolio includes Deutsche Bank Place at 126 Phillip Street, 201 and 205 Kent Street and the heritage listed Grafton Bond Building. Its leasing performance across its portfolio currently sits at 97% occupancy.
According to Sydney Cityscope, Investa’s latest purchase is a 14-storey office building, including retail tenancy on the ground floor, a two-level hotel, 11 levels of office space and basement parking for 33 vehicles. It was completed in 1972 and includes a large wavy metal curtain that is a unique feature of the lobby. The 13,366 sqm building’s tenants include The Office Hotel, Mad Mex Fresh Mexican Grill, Gosper Rawlings and the Australian Music Examinations Board.