Weekly Transaction Update – 3rd August

This week we recorded 19 major transactions worth $782m. North Sydney continues to attract attention by institutional investors with 50% of Northpoint, 100 Miller Street sold this week by Cromwell & Redfine to Dr Francis Choi. The 29,698sqm building has recently been refurbished with a new food court, lobby and facade. Dr Choi’s acquisition for circa $300M equates to a yield of 4.73% and a capital value of $20,203/sqm. Cromwell & Redfine paid just $278M for 100% of the asset in 2013. Also this week, ISPT have acquired a 50% interest in two retail centres held by Abacus; Ashfield Mall and Lutwyche Centres. ISPT has paid $102M for a share of Ashfield Mall, a sub regional centre in Sydney’s inner west and $53M for Lutwyche Centre which is due to be renovated. And 100 Edward Street Brisbane also changed hands this week with Rockworth Capital Partners acquiring the 7,120sqm asset for $60M from Evolution Private. At $8,427/sqm, the acquisition is well below the average capital value for Brisbane. So far this year, we seen 8 major office transactions in the Brisbane CBD, at an average capital value of $10,488/sqm and an average yield of 6.3%. Scroll through the list below or head to ReDataSource for further details. * indicates unconfirmed price or apportionment of a portfolio sale #ReDataSource