Whole floor Sydney CBD strata investment for sale at auction

A rare whole floor tenanted strata office investment in the heart of the Sydney CBD financial district is being offered for auction through Ray White Commercial.

The offering in Ranstad House at Level 4/109 Pitt Street, Sydney, is being marketed by Ray White Commercial Sydney’s Christian Minards and Anthony Harris on behalf of a private investor.

Minards said it was uncommon for a whole floor in a Sydney CBD financial precinct office building to come onto the market.

“Level four is a true whole floor offering of 930 square metres and comprises nine separate strata lots that are leased by established tenants,” he said.

“The property will return net rental income of $530,000 per annum with a weighted average lease expiry (WALE) of 3.16 years as of October 2016."

Harris said the Sydney CBD has yielded strong results over the past two years despite being amidst one of the largest construction cycles ever recorded

“The average capital value is now recorded at more than $8,000 per square metre and this level of growth has been unseen over the last 10 years,” he said.

Ranstad House is in a 21-storey A grade office tower. Harris said it has 20 levels of office accommodation as well a public car park for 143 cars and a ground level retail arcade that forms part of the Hunter Connection, which provides direct access to Wynyard’s trains and buses.

The Pitt St property will go to auction on October 25.