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News release

Boutique Circular Quay building to attract investor interest

SYDNEY, 18 April 2012- Continued offshore demand for prime CBD investment opportunities is expected to underpinned interest in a boutique office building in Circular Quay.

CBRE’s Richard Butler and Rohan Ramsay in conjunction with James Aroney and Ben Schubert of Jones Lang LaSalle have been appointed as the exclusive marketing agents for the sale of 2 Bulletin Place.

 The high quality, 16 level building  has a net lettable area of 4,633sqm with 12 car spaces and is one of a limited number of smaller modern freehold buildings within the Circular Quay precinct.

City Sales Associate Director Rohan Ramsay said strong interest was expected from offshore investors.

“Offshore investors particularly from Asia dominated sales in the CBD during 2011. CBRE tracked some 25 freehold transactions during 2011 with 41.83% of sales over $40 million involving Asian investors,” Mr Ramsay said. 

 “The Circular Quay property is fully occupied and offers panoramic harbor views from the upper levels with the potential to convert the top two floors into a luxury penthouse, subject to council approval.”

Mr Butler added that in his experience as a CBD specialist, rarely did boutique, modern assets in the northern end of the CBD, in Circular Quay,  come up for sale.

Mr Aroney of Jones Lang Lasalle added, “"We continue to field solid demand for investments that have strong underlying cash flow or investments that are “special” in terms of quality of location.”

 “This was evidenced recently when a 50% interest in the adjoining building 7 Macquarie Place was offered for sale where Uni Super exercised their pre emptive rights after a hotly contested EOI campaign.  Overall investment activity is expected to increase in the second quarter with a number of marketing campaigns due for imminent launch.”

2 Bulletin Place was designed by leading Australian architects, PTW and constructed by Multiplex Constructions in 1998.

Expressions of Interest campaign closes May 24, 2012.