Chinese investment group pays $52.5 million for Liverpool office building

Staff ReporterFebruary 26, 20200 min read

A Liverpool commercial office building has sold for $52.5 million to an investment group from China.

It's the highest every property sale in Liverpool.

The block at 211 Northumberland Street was originally purchased by vendors ESR Australia as part of the Denison Portfolio, that also included a building in Campbelltown.

It was sold fully leased to the NSW Government Department – Family and Community Services – until 2022, with 7,645 sqm of net lettable area.

The building sold with an initial yield of 6.6 per cent, producing just over $3.45 million per annum.

Ray White Commercial Western Sydney agents Peter Vines and Victor Sheu secured the sale, in conjunction with Colliers International's James Barber, Frank Oliveri and John McCann.

Vines said the property was one of Centrelink’s most concentrated multi-service centres across Australia.
 
“We had a huge amount of interest throughout the campaign with more than 120 enquiries coming from multiple demographics,” he said.
 

“With Parramatta currently booming, investors are seeking the next hot spot and given its proximity to the new airport and billions of dollars being invested in infrastructure in the South West, Liverpool is a very good option.”
 
Sheu said the property was an impressive commercial asset investment that came with value add potential.

“The property is a four-level commercial building that was completed in circa. 2000 and has two levels of security basement parking,” Sheu said.
 
“The asset offers large efficient floor plates that are light-filled and flexible. The plates are highly desirable to Government tenants with a strong retention history.
 
“Being in the Liverpool CBD, it provides easy access to the M5 motorway, Hume Highway and arterial roads. It’s also close to the Westfield shopping facilities.”

Staff Reporter

Tags:
China
Liverpool
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