Haymarket HSBC Bank building in Sydney CBD trades for first time

Haymarket HSBC Bank building in Sydney CBD trades for first time
Haymarket HSBC Bank building in Sydney CBD trades for first time

The HSBC Bank building in the Sydney CBD has sold for the first time in over three decades.

Last traded for $1,018,000 in 1984, the building at 724-728 George Street is anchored by HSBC bank with a new five year lease.

It is the first time offered on market by the original Haymarket developer, CKC Holdings aka as Chew Kong Chian and Sons. 

HSBC Bank have been trading in the seven storey building for 30 years.

The seven levels comprise with ground and 1st floor retail, 2nd to 6th floor offices, and 7th floor penthouse and offers a building area of around 3,383 sqm.

The total rental income for the building is $1.6 million per annum, and currently 95 percent is leased.

Colliers International agents Steam Leung and Jordan Lee were the marketing agents when it was offered for June tender on realcommercial.com.au.

No price has yet been revealed, but a similar 822sq m office building nearby, which is used by Citibank and St George Bank, at 695-699 George Street sold for $41 million in 2014. 

Colliers expected the yield as low as 4 to 4.5 percent.

It came with plans (pictured) for its redevelopment.

Chew Kong Chian, through an associated company, developed the Royal Gardens in Pitt Street.

Tags: 
Hsbc Commercial Sale

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