Charter Hall sells B-grade Sydney office block for a loss
Charter Hall has reportedly sold a Hunter Street, Sydney office block at a loss.
Anchored by the Dymocks bookstore on the corner of Pitt Street, the B-grade building was bought for $41 million in 2007 from Dymocks, and recently old at $36 million, according to the Australian Financial Review.
The 1959 office block, which was refurbished in 1997, was on the unlisted fund’s books with a $35 million valuation as at December 2010.
Its buyer, Malaysia-based IGB Corporation subsidiary, Cititel, plans to convert the 12-storey building into luxury hotel, given the city now has a hotel shortage and high occupancy rate.
The building, with 5,436 square metres of space, was listed through Savills, who indicated on its March listing that they were seeking up to $40 million.
