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News release


66 King Street, Sydney, a boutique 5,700sqm office and retail asset is being offered for sale 

The campaign is set to generate significant interest from the domestic and offshore markets as this is one of a limited number of Sydney CBD assets below $100m

SYDNEY, 17 SEPTEMBER 2013 – With a decline in office buildings that cater for small to mid-sized tenants in the Sydney CBD core over recent years due to residential conversion and strata subdivision, an office and retail tower at 66 King Street is being offered for sale with floor plates that appeal to what is currently the strongest sector of the commercial leasing market in Sydney – small to mid-sized tenants.

The refurbished, 15-level Art Deco building at 66 King Street with a fully leased Net income estimated to be $3.735 million is being offered for sale by Expressions of Interest through Jones Lang LaSalle selling agents, James Aroney and Ben Hunter and James Barber, Vince Kernahan and James Girvan from Colliers International.

Mr Aroney, Director, NSW Sales and Investments said “In addition to the ideal floor plate size, one of the key investment features for this asset is the high profile retail offering which represents approximately 50% of the total building income, opportunities to acquire assets of this size with strong retail exposure are very rare.”

Strong interest is expected from domestic private and international investors for 66 King Street in a market offering few opportunities to purchase this size of asset that has broad appeal for small to medium sized tenants due to its smaller floor plates.

“With the heart of the Financial District to the north, Barangaroo to the west, retail amenity to the east and retail/residential developments at 385 George Street and 46-48 York Street to the immediate south, 66 King St will be the most sought after location in the CBD for smaller scale tenants in coming years,” said Mr Kernahan.

66 King Street is currently 98% occupied with 36 office tenants and 6 retail tenants, however, significant rental uplift is expected via upcoming lease expiries and market reviews.  The building is located prominently on the corner of King and York Streets, on the fringe of the Financial District.  More recently, the redevelopments of the Apple Store at 77 King Street and the move by Louis Vuitton to 70 King Street have further enhanced this area’s retail credentials.

National Director of Capital Markets at Colliers International, James Barber said, “The number of small office buildings across the Sydney CBD has steadily reduced over the last 10 years as a result of strata title subdivision, site amalgamation and residential conversion.

“We anticipate this situation to continue as economies of scale encourage further site amalgamation to develop higher density buildings with larger floor plates.  This will leave limited options in the market for small to mid- sized office tenants,” said Mr Barber.​