An A-grade commercial office tower at 66 Goulburn Street in Sydney has sold for A$252 million to Singapore-based real estate firm, Ascendas-Singbridge.
The sale was managed by Knight Frank’s Jonathan Vaughan, John Bowie Wilson and Neil Brookes on behalf of GDI Property Group – an ASX-listed property owner and fund manager, in conjunction with CBRE agents Scott Grey-Spencer and Michael Andrews.
66 Goulburn Street comprises approximately 22,929 sqm of lettable space over 24 column-free office floors, including one ground floor retail tenancy and basement carparking spaces. With a striking architectural design, the A-grade office building features floor to ceiling windows and impressive 360-degree views across Hyde Park, Sydney Harbour, Central and Darling Harbour. Major tenants include Samuel Griffith Chambers, Government Property NSW, Prudential Investment Co, William Buck and the Copyright Agency.
Neil Brookes, Knight Frank Asia Pacific’s Head of Capital Markets, says, “66 Goulburn Street is a prime CBD office asset which appealed to both the local and international investors seeking exposure to the strengthening Sydney office market. Tapping into our extensive global network, Knight Frank received high levels of interest from European pension funds, Asian-based fund managers and high net worth individuals in acquiring this landmark asset.”
Knight Frank Australia’s Associate Director, Capital Markets, New South Wales, Jonathan Vaughan, says the A-grade building is ideally placed to benefit from the expected tightening of the office vacancy rate.
“66 Goulburn Street provides excellent exposure to the best-performing office market in Australia and the new owners will benefit from very strong effective rental growth going forward, especially with the large amount of office withdrawals in the Midtown Precinct.”
Knight Frank Australia’s Senior Director, Capital Markets and Head of Commercial Sales, New South Wales, John Bowie Wilson highlights, “Over the last two years, GDI has invested significant capital to reposition the asset, and it now provides a WALE of just over five years, underpinned by government entities and legal and professional service firms. This tenant base is reflective of its excellent location opposite the Local, Family and District Courts.”
Occupying a highly-prominent position within the Midtown precinct and positioned in the heart of Sydney’s Legal precinct, 66 Goulburn Street is a landmark corporate address. Tenants enjoy the close proximity to Sydney’s most prominent retail and entertainment precincts, restaurants, bars and cafes.
The building's central CBD location affords it excellent transport connectivity, and the area is well serviced by a range of public transport including the nearby Museum and Town Hall Stations and numerous bus interchanges. 66 Goulburn Street is positioned to benefit further from the substantial regeneration of Sydney’s transport system. The development of the Sydney Metro, Light Rail and planned urban renewal projects set to be delivered throughout the next decade will improve the property’s connectivity and further enhance the precinct.
Attachment: Photograph of 66 Goulburn Street
For further information, please contact:
Neil Brookes, Head of Capital Markets, Asia Pacific
Neil.Brookes@asia.knightfrank.com +65 6429 3585
John Bowie Wilson, Senior Director, Capital Markets and Head of Commercial Sales, New South Wales
John.BowieWilson@au.knightfrank.com +61 423 000 882
Jonathan Vaughan, Associate Director, Corporate Sales, New South Wales
Jonathan.Vaughan@au.knightfrank.com +61 423 681 854
Rachel Loke, Head of Marketing, Communications & Digital, Asia Pacific
firstname.lastname@example.org +65 6429 3587 @knightfrank
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 14,000 people operating from over 413 offices across 60 countries. These figures include Newmark Grubb Knight Frank in the Americas, and Douglas Elliman Fine Homes in the USA. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.