Poly Group finalise Goluburn Street deal

Poly Group has finalised the acquisition of 59 Goulburn Street, Sydney first mooted in November last year.

The building was acquired for $270m from Singapore’s SC Capital Partners, which had held the building in its RECAP Fund, having acquired it for $158m in July 2017.

Roxy Pacific previously obtained an approval to redevelop the site into a 38-storey tower with 407 hotel suites and 90 residential units, retail and office spaces. Poly is not going to pursue the redevelopment at this stage and instead focus on re-positioning the asset with improved retail, end-of-trip facilities, tenancy upgrades, and the introduction of public flexible work spaces.

The deal was negotiated by James Barber, Adam Woodward and James Mitchell from Colliers International, and Simon Storry, Rob Sewell and James ­Aroney from JLL.

The lastest deal from Poly Group comes shortly after the acquisition of an apartment redevelopment opportunity at Wentworthville Mall in Sydney's west for $35m, and other development sites in Ascot, QLD, Richmond VIC and Rouse Hill, NSW.

In the commercial space, Poly's other key asset is 220 George Street Sydney (Cnr Bridge) – which they acquired in 2016 for $160m and are mid way through the construction of 28 storey 19,717sqm A Grade office tower at a cost of approx $115m. The Group is reported to have secured a co-working tenant for 6 of the floors.