Abacus have confirmed that they have now exchanged contracts with Oxford for the acquisition of 99 Walker Street, North Sydney NSW for $311.3m.
The total consideration reflects circa $16,100/sqm of NLA and a yield of circa 4.7%. The property has approx 5% vacancy and a WALE of circa 6 years.
The prominent A grade building is located on the corner of Walker Street and Mount Street and offers 21 levels of office accommodation over circa 19,295sqm of NLA as well as a strong Coles supermarket on the ground floor with a 20 year lease along with 229 basement carspaces.
Managing Director, Steven Sewell commented “This transaction aligns with our strategic priority of acquiring assets in specific locations where we see amenity and infrastructure improvements that we believe will translate to strong tenant demand. The acquisition demonstrates our solid progress as Abacus transitions to a strong asset backed, annuity style business model.
Importantly the acquisition of this asset, on balance sheet by the Group, delivers on the strategic priorities outlined in the July placement and full year results presentation – that being investment in several high quality income producing Commercial Office and Self Storage properties.”
Cushman & Wakefield managed the sale process for Investa.