MarksHenderson splashes $28 million on Walsh Bay office

Property investor MarksHenderson has spent $28 million on offices at Sydney’s Walsh Bay.

The Melbourne-based group’s first buy into the Sydney market is the 8 Windmill Street building next to the new Headland Park at Millers Point.

The sale price translates to a passing yield of 7.5% through CBRE senior director, capital markets, Steven Kearney.

The Windmill Street building has a net letttable area of 3,820 square metres with an on-site cafe with outdoor seating.

In 2003 it was developed by Tuscan Corp, David Berry's Sydney property group, after its design by PTW and HPA architects.

David Berry was formerly general manager of Kajima Corporation's Australian operations, responsible for managing the Sydney hotel now known as the Sheraton on the Park Hotel for Kajima Corporation from shortly after opening until its sale to ITT Sheraton Corporation.

Other nearby sales include Piers 8 & 9, 23 Hickson Road and 36 Hickson Road for a combined $64.5 million and last month’s $26 million sale of 88 Cumberland, The Rocks.