Bligh St trophy building sold for $68 million
Cromwell Property Group has sold 4-6 Bligh St, Sydney, for $68 million.
The building has a net lettable area of 9,964 sqm with a weighted average lease expiry of around three years. The majority of tenants are government clients.
Cromwell CEO Paul Weightman said they acquired the asset as part of the Government Property NSW portfolio in 2014.
"It is a trophy asset in the heart of the CBD and we had been actively considering a range of value-adding opportunities before taking the asset to market for sale.”
Bligh street Tower has 17 upper floors, three lower levels, two ground floor retail tenancies and a basement level carpark.
It was listed through Colliers International agent Vince Kernahan.
It was sold by the NSW Government in 2013 at $53 million.
The property, Bligh House was bought by the Real Estate Capital Asia Partners IV fund, managed by SC Capital Partners Group.
The property, with 20 office floors leased to the NSW government until June 2018, will deliver an initial yield of about 7.5 per cent.