Weekly Transaction Update – 16th February

18 February 2018

This week we recorded 9 major asset sales for $332M. Private investors were the most active this week with half of the deals completed by private groups. The largest deal was the acquisition of 630 George Street, Sydney for $94.0M. Private Singaporean investors bought the properties in an off-market sale with plans to hold the buildings before developing the sites into mixed-use projects, likely to be a combination of hotels and apartments. The 1000 square metre site currently allows a new development up to a height of 230 metres. Perth also focused heavily this week with 3 of the deals focus on the city. Aberdeen Standard Life decided to cut its losses and sell 2 assets in St George Terrace (55 & 182). Aberdeen acquired No 55 for $47M in 2007 and No 182 for $31M in 2011 and progressed refurbishment works in both assets. Both assets remain more than half empty and were sold this week to Zone Q for around $70M. With the vacancy rate across the city recently dipping below 20% it will take some and a heap of incentives to get these assets fully leased. A Scroll through the list below or head to RE-Intel for further details. * indicates unconfirmed price