Sydney

Hunter Street office sale trumps CBD strata record

The sale of a Hunter Street office suite has set a new record for the Sydney CBD strata market, after it sold for $1.63 million at auction.

06 Mar 2018

The sale of a Hunter Street office suite has set a new record for the Sydney CBD strata market, after it sold for $1.63 million at auction.

The 98sqm suite at 1202/23 Hunter Street was sold via CBRE’s Mitch Noonan and Jessen O’Sullivan for $16,630 per square metre – eclipsing the previous strata office record set in September 2017 ($15,234 per square metre). 

It was purchased by a private Chinese buyer. 

Mr Noonan said the premium result achieved was largely due to buyers chasing high quality office assets with a robust leasing outlook. 

“The depth of appetite for this opportunity highlights that buyers are willing to compete for the right asset in the Sydney CBD – specifically those underpinned by a defensive leasing outlook, as well as having excellent access to key transport links,” Mr Noonan said. 

During the 28-day campaign the property fielded 109 enquiries and 19 contract requests, followed by five bidders at auction. 

Mr O’Sullivan added: “The building holds a commanding presence in the heart of the CBD’s financial core. The suite itself faces due north, offering an abundance of natural light, and buyers responded well to these facets.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.