Savills list 60 Margaret Street, Sydney stake

Savills list 60 Margaret Street, Sydney stake
Savills list 60 Margaret Street, Sydney stake

PAG, the Hong Kong investment management firm has put its half stake in Sydney’s sixth-largest ­office tower, 60 Margaret Street, up for sale.

It includes the MetCentre at the foot of the building.

It has ING ­Direct as a major tenant.

The retail centre is anchored by a street-level Woolworths supermarket and Virgin Active along with 75 specialty stores within the 6419sq m retail centre.

The entire building value is estimated at more than $800 million, according to The Australian.

PAG’s listing comes as Sydney’s office property boom hits new highs, with ISPT completing a deal to buy a half-stake in Sydney landmark Westpac Place in a deal valuing that tower at more than $1.7 billion.

The Australian reported the Westpac Place deal helped reset pricing metrics for Sydney towers as it showed a yield of about 4.5 per cent.

PAG bought its 60 Margaret Street stake in 2015 from industry superannuation fund MTAA Super for just over $300 million.  

Mirvac Group, which owns the other half, had waived its pre-emptive right over the stake. Mirvac Group moved out in 2016 to its 200 George Street project close by. 

The latest off-market offering is being handled by Ian Hetherington, Ben Azar and Tim Grossman of Savills.

The A-grade building, which consists of 36 office levels and three levels of shops, with ­direct access to Wynyard railway station.

The tower spans 40,985 sqm.

There are leasing spaces available through Savills which notes Wynyard hub is undergoing one of the largest transformations the city has ever seen; its availability through Savills agents Christina Malcolm and Chris Rowe. 

Level 9: 1,410 sqm
Low rise whole floor offers impressive cityscape and Wynyard park views with good natural light. Refurbishment of the whole floor now completed. 

Level 15: ~380sqm 
Tenancy offers direct lift exposure, South/East aspect, impressive city views and natural light. 

Level 16: 583sqm 
Refurbished part floor opportunity with North/East city views and good natural light.

Level 36: 596.4sqm
Top floor suite offers exceptional South/West city views, direct lift exposure and to be refurbished to a high standard.


 

Tags: 
Sydney Savills

Comments

Be the first one to comment on this article
What would you like to say about this project?