Office

Chinese property developer Poly Global has snared strong interest in the $500 million tower it is building at Sydney’s Circular Quay, with local listed company GPT eyeing off a play to buy into the development.

Singapore-based Redhill Property Partners is sealing its purchase of Perth’s BGC Centre from the family of late tycoon Len Buckeridge for more than $100 million.

A private Hong Kong family has swooped on a major office tower in the heart of Sydney, picking up the O’Connell St block from the Oxford Investa Property Partnership for about $315 million.

Major developers are jostling to build a new office tower in North Sydney that could be worth about $330 million with the contest for the site drawing interst from heavyweights including US group Hines and local player Primewest.

Australian office sales have soared to $17.9 billion in the first three quarters of the year as local buyers have taken on offshore companies and used their capacity to raise fresh equity to snare assets.

The listed Charter Hall Group has confirmed the Australian Federal Police will occupy all of its 140 Lonsdale Street development in the heart of Melbourne.

Funds manager RF Corval is back buying in the Sydney office market and has quietly picked up the Novartis Macquarie Park Building for about $62 million.

Office property group Dexus says the office cycle will keep running strongly as tenants in its buildings chase new space and inter­nat­ional investors seek to lift their exposure to towers in Sydney and Melbourne.

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