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  • Historic office building in The Rocks changes hands for $21.05m

Historic office building in The Rocks changes hands for $21.05m

Sydney | 3 July 2019
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Boutique real estate investment manager Sumner Capital has sold a historic Sydney office building in The Rocks to Terraform Capital for $21.05 million.

The sale of the leasehold interest in 117 Harrington Street completes a fund disposal for one of Sumner Capital’s Swiss clients, who acquired the building in 2013 for approximately $13 million.

CBRE’s Kenny Duncanson and Harry George steered the International Expressions of Interest campaign, which generated close to 200 enquiries from private and institutional investors.

It is the latest acquisition for Terraform Capital, a group which focuses on real estate funds management, hospitality and co-working, through its playground.work arm, which has operations in Hong Kong and Sydney.

“The high yielding nature of leasehold and heritage investments underpinned the high level of interest in the campaign, as did the building’s strong investment fundamentals and diverse tenancy mix,” Mr George said.

“The property’s location was another drawcard, with the building strategically positioned within The Rocks, bordering Circular Quay, in a location set to benefit from major infrastructure projects such as the Sydney Light Rail, Sydney Metro, Circular Quay Ferry Wharf upgrade and Wynyard Station upgrade.”

The six-level, heritage-listed building was refurbished in 2007 and offers a net lettable area of 1,404sqm.

Major tenants include CCUBE, Iris Sydney and Artazan Property Group. Based on the current income, the sale price reflects an initial yield of circa 5.25%.

CBRE’s Mr Duncanson noted; “With its heritage listing and unique floor layout, including outdoor areas, 117 Harrington is poised to capitalise on increasing tenant demand for creative office environments. The building also offers rental upside, with the current lease expires occurring after the delivery of the Sydney Light Rail and in time to capture tenant demand off the back of new premium grade towers such as Quay Quarter Tower and Circular Quay Tower.”
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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