Lendlease sells Barangaroo office block to Oscars Group for $30m

The owners of Sydney’s Luna Park at Milsons Point have bought an office block in Barangaroo. Picture: Jonathan Ng

Developer Lendlease has sold off a boutique office building in the Barangaroo South precinct on Sydney Harbour, with Oscars Group snaring the block in a deal worth about $30.1m.

The private group is best known for last year buying Luna Park on the northern shores of Sydney Harbour and has hopes of revitalising the ageing fun park with a series of new harbourside restaurants and bars.

The Gravanis brothers, Bill and Mario, who started Oscars Hotel Group in the 1980s, have amassed more than 30 hotels stretching from small suburban pubs to larger hospitality assets in Wollongong, Sydney’s Brighton Beach and on the Gold Coast.

The building at 400 Barangaroo Avenue is on a 554sq m block and was billed as ideal for owner-occupiers seeking a berth in the heart of Sydney CBD’s newest precinct.

CBRE agents Angus Windred, Mitch Noonan, Callum Cooke and James Parry handled the sale.

The five-level building sits amid the larger towers in the precinct, which remain occupied by top tenants including KPMG, PwC, HSBC, Accenture and Westpac despite some companies moving away from the area.

The area also houses the luxurious hotel and residential towers, with developments by Crown Resorts and Lendlease, with more than 90 restaurants.

The block sits directly in front of Wynyard Walk and has links to ferry services, Wynyard station, and the Barangaroo Metro.

The building has a 500sq m floor plate and it is the only non-strata titled building in the Barangaroo precinct which can accommodate an occupier of this size on a whole floor.

The 1772.5sq m building, which is a 90-year leasehold, is anchored by Virgin Active and the popular Untied rooftop bar.