$150m: St Leonards office owner to cash in after one year
Fund manager Anton Real Estate Partners is cashing in on the Sydney office boom by offering up a $150 million-plus tower in the northern suburb of St Leonards.
Anton picked up the tower from Brompton Asset Management last year and won Mastercard as a tenant after WPP moved out. The A-grade building spans about 11,259sqm over eight levels on a 2815sqm site. Mastercard has committed to leasing the space for the next 10 years and it also has redevelopment potential.
The latest sale is being handled by Knight Frank’s Ben Schubert, Tyler Talbot and Dominic Ong and JLL’s Simon Storry and Paul Noonan.
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The previous sale was at an initial yield of 8.5%, but it is now expected to go for a much tighter rate.
Talbot says Anton has repositioned the tower so investors can acquire a fully refurbished A-grade office in St Leonards at a time when office rents are rising across the city.
Storry says the building will benefit from being near public transport links, such as St Leonards Train Station and the proposed Crows Nest Metro, as well as residential and commercial developments.
This article originally appeared on www.theaustralian.com.au/property.