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News release


Rare core Sydney CBD, sub-$50m commercial offering

16 Spring Street announced to a market starved of available opportunities

SYDNEY, 14 May, 2013 – A rare, high-profile opportunity has presented itself in the Sydney CBD, with the announcement of the sale of 16 Spring Street to the market. The office building is modern and refurbished, with a net lettable area of 3,172 sqm and fully leased net income of $1,579,013 as at 1 July 2013.

Jones Lang LaSalle has been appointed as the exclusive sales agent for 16 Spring Street on behalf of Standard Life Investments. The marketing will be handled by Ben Schubert and James Aroney.
Jones Lang LaSalle’s Ben Schubert, Director – Sales and Investments, said, “This is only the second sub-$50 million public offering this year, with the other being 121 Harrington. Sub-$50 million freehold buildings are rare within the financial core of the Sydney CBD, and are not often traded.
“We anticipate the building will be of strong appeal to a wide buyer pool in a market starved of available opportunities,” said Mr Schubert.
The building comprises 10 levels of office accommodation, a ground and mezzanine office-retail tenancy and parking for five vehicles.
Jones Lang LaSalle’s James Aroney, Director – Sales and Investments, said: “Being multi-tenanted, with a staggered lease expiry profile, the building represents a secure long-term investment with the benefit of offering further value with enhancement opportunities.
“Subject to council approval, there is also the potential for a retail component – the lower level car parking area could be converted into retail accommodation to increase return on investment,” said Mr Aroney.
The property is located in the prime financial core of Sydney’s CBD, directly opposite Australia Square and surrounded by Sydney’s premier office towers including 1 O’Connell Street, Governor Phillip and Macquarie Towers, and Sydney’s newest premium-grade tower, 1 Bligh Street.
The building is recently refurbished and is situated on a high-profile corner, offering good natural light and amenity, and attractive vistas across Pitt Street. The recent refurbishment includes a new contemporary lobby and lift upgrade.
Current tenants in the building include Austcorp Consulting recruitment services, Malaysian Airlines, Johnstone Haines accounting firm, and Genesis IT & T recruitment.
Expressions of Interest close at 4pm on Thursday, 13 June 2013.