EG Funds Management spend $20 million on Festival Records, Pyrmont office block

EG Funds Management has spent $20 million on a three-storey office building in the inner-Sydney suburb of Pyrmont.

It was sold by Aveo through Paul Fernandes of Colliers International. 

EG Fund's purchase for its Core Fund was on an initial yield of around 10 per cent.

The 63 Miller Street property is known as the former Festival Records building, the pale face brick, Interwar Functionalist style facaded building.

It has rounded corners, asymmetry, long spandrels, parapet and metal framed windows - the hallmarks of the late 1930s Functionalist style. 

It was initially known as Wakefield House, built in 1939 by A.W. Edwards and its architects were Crane & Scott.

The former Festival Records building served as a recording studio for artists such as Midnight Oil, Cold Chisel, Silverchair and Peter Allen who recorded I Still Call Australia at the recording studio.

The Sydney city fringe investment was offered earlier this year as 75% leased to the advertising agency.

In 2006 BMF Advertising leased 2,500 square metres for six years at $440 per square metre.

There was some 1,250 square metres of refurbished vacant space. 

The offering's passing net income was given as $1.7 million.

In 2003 Sydney's then Lord Mayor, Lucy Turnbull, stepped in to stop Australia's unofficial rock'n'roll headquarters being torn down and replaced with apartments.

It's future looked like demolition after News Ltd, owner of Festival Records, sold to the Glish Holdings development consortium headed by Mike Wrublewski who wanted build a six-storey block of apartments.

Rupert Murdoch's Mirror Newspapers bought Festival Records in 1960.

Glish Holdings had paid $9.5 million. It last sold at $11.9 million in 2005.