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News release

A-Grade office building on Sydney Harbour for sale, kicking off major market campaigns for 2012


SYDNEY, 9 FEBRUARY 2012 – One of the first major office assets to come onto the Sydney market this year, ‘Wharf 10’ at Pyrmont, is being offered for sale in a market where there are only minimal waterfront office assets.
 
The modern A-Grade waterfront building at 50-52 Pirrama Road is being offered for sale by Expressions of Interest through Jones Lang LaSalle selling agents, Ian Triganza and James Aroney, on behalf of Charter Hall and a syndicate of private investors.
 
Director, NSW Sales & Investments, Ian Triganza said, “This A-Grade office space, which has sweeping views of Sydney Harbour, is 1 of only 5 non-strata waterfront office properties in the city and surrounds.  The unique loft style workspace and large floorplates of over 1,250 square metres suit large corporates seeking a point of difference for their working environment.
 
“We expect Wharf 10 will appeal to a wide cross section of investor groups, as it is 100% leased to multiple high quality tenants with an average lease expiry of over 6 years.  It was completed in 2001 and is located in an area where there is limited stock availability.  The last time a building sold in Pyrmont was during the GFC, when The Atrium at 60 Union Street sold for $137 million in November 2009.
 
“Private investors, boutique funds/syndicators and offshore investors will be attracted by the price point at sub $50 million, the strong annual rent reviews of minimum 4%and the stable and secure income stream from quality tenants with long leases,” said Mr Triganza.
 
Wharf 10 is leased to four major tenants with a Net Lettable Area of 4,346 square metres, comprising 3 levels of office space, a mezzanine level and basement car parking for 40 cars.
 
Director, NSW Sales & Investments, James Aroney said an owner located in the Pyrmont precinct would see significant uplift  from the redevelopment plans at the nearby Barangaroo site.
 
“The location of Wharf 10 will capitalise on the expected shift of the centre of the city to the west as Barangaroo develops.
“We have already seen the majority of banks move to the Western Corridor and a growth in office and retail development along George Street, so the move from the traditional heart of Martin Place has been moving west.
 
“Pyrmont as a precinct has also been upgraded and transformed to become  home to major tenants like Amex, Google, Accenture, John Holland and is an important media and creative hub.
 
“The recent refurbishment of the Star is going to cement its place as a precinct that is growing and attracting investment,” said Mr Aroney.
 
A 100% interest in Wharf 10 is being offered for sale via an Expressions of Interest campaign, closing at 3.00pm 20th March, 2012