Savills concludes €62.6 million Sydney CBD office sale (AU)
Monday 1 March 2010
Savills Australia, on behalf of the Morgan Stanley Real Estate-backed Investa Property Group, has sold a 50% stake in a Sydney CBD office tower 60 Martin Place for AUD$95 million (approx. €62.64 mln.). The asset was sold to well-known Sydney private investors, the Tieck family. The 60 Martin Place building is a 27,855 m² A-Grade office tower, occupied by Westpac Banking Corporation.
Michael Andrews, Savills New South Wales Managing Director, says the 60 Martin Place deal was the result of maintaining a strong relationship with the vendor over the past 18 months. He says the sale also highlights a continued strengthening of Australia’s capital transactions market, as evidenced by a number of major deals in recent months.
“We are seeing more larger-scale transactions in Australia’s key CBD markets. Investors with equity are now more willing to spend on the right product, and there is a greater alignment of vendor and buyer expectations,” Mr Andrews said.
“It is very pleasing that Savills is playing a leading role in renewed activity at the top-end of the Australian market. This latest Sydney CBD deal continues the momentum we built up at the end of last year and further strengthens our strong position in Capital Transactions nationally.”