A significant and sought-after investment in the Sydney CBD has been listed for sale by leading agencies Savills and JLL.
Occupying a prominent north-end position at 139 Macquarie Street, the property sits within the CBD’s financial core and is surrounded by the City’s premier office towers, including Aurora Place, Chifley Tower, Governor Phillip and Macquarie Towers as well as the recently completely Quay Quarter Tower.
The boutique commercial office building represents an extremely rare opportunity to acquire a 100% freehold property within the exclusive and tightly-held Macquarie Street enclave, offering investors abundant repositioning and redevelopment potential.
The B-Grade building comprises a total net lettable area of 5,811sqm and spans 14 storeys, with never-to-be-built-out views of Sydney Harbour and the Royal Botanic Gardens.
The property is centrally located between the Circular Quay and Martin Place transport hubs and is in easy walking distance to some of Sydney’s iconic landmarks, including the Sydney Opera House, historic Rocks precinct and the Museum of Contemporary Art.
“This highly sought-after investment in the Sydney CBD offers significant potential for future redevelopment to take advantage of the property’s prime location and unrivalled view.” said Paul Craig, CEO Savills Australia & NZ
The property was originally built in 1971 and was mostly recently refurbished in 2019. It offers vast repositioning opportunities, including whole floor conversion with additional NLA potential, hotel and luxury residential apartment conversion, or a mixed-use development converting the upper levels to prestige penthouse-style apartments.
“The rarity of a 100% freehold offering of this size will attract offshore private capital who see relative value in the Sydney office market when compared to Asia, Europe and the US,” said Ben Azar, Savills National Head – Cross Border Investments.
“139 Macquarie Street provides the extremely rare opportunity for an investor to make their mark on the Sydney CBD by way of high visibility with exclusive signage and naming rights,” said James Aroney, Senior Director, Capital Markets, JLL
Circular Quay has been revitalised with the recent completion of the Quay Quarter development, delivering a brand-new mixed-use precinct to the CBD. Further planned infrastructure upgrades to Circular Quay will enhance connectivity through the CBD network and to suburban regions, allowing for seamless daily commutes to the City.
“139 Macquarie’s price point, inter-generational characteristics and value-add opportunities will be well received by the market as investors recognise the scarcity of the offering with only four Core Precinct assets trading between $50m and $250m in value over the last 3 years” said Mitch Noonan, Director, Capital Markets, JLL
139 Macquarie Street is offered for sale via an International Expressions of Interest (EOI) campaign closing 4pm (AEST), 11 August 2022.