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News release

Sydney

Landmark Bushells Building sold to a Private Investor for $43.5 million


SYDNEY, 8 JULY 2013 – Sydney’s Bushells building at 121 Harrington Street, Sydney has sold for $43.5 million with an initial yield of 9.25% at a rate of $6,892 per sqm to a Private Investor on behalf of Charter Hall Investment Fund No. 4.

The competitive sale was managed by Jones Lang LaSalle’s James Aroney, Director – Sales and Investments.
 
Mr Aroney said they received interest from a wide buyer pool, including several offshore funds with local representation; several private investors and syndicates.

“The price achieved rewarded Charter Hall for the recent lease extension to tenant Dimension Data for an additional five years,” said Mr Aroney.
 
The Bushell’s building has a Net Lettable Area (NLA) of 6,314 sqm with an average floorplate size of 1,000 sqm. The commercial component is fully leased to Dimension Data until 30 June 2018, providing a Weighted Average Lease Expiry (WALE) of over five years.

Located in the north of the city’s financial district, the Bushell’s Building was repositioned in 2001.
 
Mr Aroney said this was a rare find in the Sydney CBD office market.

“The property’s point of difference is the combination of A-grade equivalent services and preserved, unique characteristics, including the original tea-making artefacts.”

Mr Aroney said Dimension Data and the Brew Café have occupied the property since the completion of the refurbishment in 2001, demonstrating the strong appeal of the asset to quality tenants.