Education asset demand prompts Winten to offer Charles Sturt University campus for sale
The North Sydney campus of Charles Sturt University could attract a sale price of about $70m.
Garry Rothwell’s Winten Property Group wants to cash in on demand for education-anchored assets by offering the Charles Sturt University campus in North Sydney for sale.
Industry experts expect a price tag of about $70m.
Mr Rothwell, owner of Winten Property Group which he founded in 1972 and known for developing luxury apartment projects and commercial buildings in Sydney, has a fortune estimated at about $600m.
He has substantial commercial holdings in North Sydney, including the 1 Denison Street tower which now serves as Nine Entertainment’s headquarters, as well as computing giant Microsoft, after it shifted from Willoughby on Sydney’s north shore.
Winten developed the 39-storey complex ahead of the Victoria Cross Metro Station opening, and North Sydney properties are now benefiting from the interest of tenants due to the new infrastructure.
The university property, known as 77 Berry, is being marketed by Bevan Kenny, Shirley Fan and Michael Stokes of Stanton Hillier Parker, and is expected to attract strong interest.
Positioned just 50m from the new station, the 7-storey commercial office building covers 5585sq m and is fully leased to Charles Sturt University for more than eight years.
Education is a hot sector. A unit of Singaporean fund manager Cambridge RE Partners last month struck a deal to purchase a building in Sydney’s Kent Street, occupied by Central Queensland University, in a deal worth about $111.58m.
Singapore group Keppel’s private fund, the Keppel Education Asset Fund, in 2023 bolstered its local empire with the acquisition of two education assets in Sydney for a total of $198m. That included a building in North Sydney undertaken by developer Built under a forward purchase agreement worth about $120m.
North Sydney’s transformation is taking off and education users are capitalising on its improved access and amenities, Mr Kenny said.
“We’re also seeing a shift in the built environment, with the NSW government encouraging more residential development near key infrastructure,” he said.
“This opens opportunities for developers such as Freecity and Aqualand, which are exploring build-to-rent projects that could revitalise outdated B-grade commercial buildings while addressing the urgent need for new housing.”
Freecity is planning a mixed-use build-to-rent and hotel development on Walker Street on a site it picked up from a GPT fund. Aqualand is planning build-to-rent projects at two blocks it has in Arthur Street.
Located at the northern end of Denison Street, 77 Berry features large floor plates, balconies, and four sides of natural light, along with a pedestrian plaza and retail component.
The building has 50 basement car spaces with access from Denison Street.
