Exchange Centre neighbour set for listing through Savills with $130 million expectations

Following the recent sale of the iconic Exchange Centre building at 20 Bridge Street for $335 million, its neighbour at 10 Bridge Street is also set to hit the market, through Savills.

Exchange House at 10 Bridge Street is being listed with price expectations of more than $130 million, following several off-market offers that prompted vendor Coweley Australia (part of ST Real Estate Group) to take the B grade commercial office to market. 

Last month, offshore investor Early Light International Ltd Group secured 100 percent interest in the Australian Exchange Centre for $335 million on a fully leased 4.5 percent yield.

The property is being marketed by Graeme Russell, Simon Fenn and Ben Azar of Savills Australia and Rick Butler and Josh Cullen of Inc RE. Simon Fenn and Ben Azar were also part of the Exchange Centre building.

As for the current listing, the 14-storey office building is fully leased with a Weighted Average Lease Expiry (WALE) of 3.5 years and a four star NABERS rating.

Graeme Russell of Savills said the building was stripped back to its core in 1997/98 and fully refurbished.

“10 Bridge Street is an iconic building in the heart of the city, adjacent to the Stock Exchange and offers a new opportunity to capitalise on the strong Australian market, in particular, the Sydney CBD,” he said.

“Just like 20 Bridge Street, we have already received a lot of unsolicited global and local interest in 10 Bridge and believe potential buyers will range from Hong Kong and Singaporean groups to large domestic private investors and a number of REITS.”

The property is 100 per cent leased with high-profile tenants including ASG Group, Kessler Financial Services Australia, Centrepoint Services and Boeing Australia Holdings.

The property is moments from Circular Quay, Wynyard Train station and the George Street Light Rail development and within close proximity to ANZ, Westpac, NAB, Commonwealth Bank and major hotel groups including The Four Seasons, Intercontinental, and the Marriott.

The property will be sold via an international expressions of interest campaign commencing in August.