News release

Chippendale asset sells to Intera Group, with extremely rare 10.5-year lease remaining

Intera Group pivots to booming Tech Central precinct with $68.5 million buy

September 06, 2021

SYDNEY, 6 September 2021 – Private investment group, Intera Group have swooped on a City Fringe office asset, acquiring 39-47 Regent Street, Chippendale in a deal worth $68.5 million.

The asset was sold on a yield of 3.8% with an extremely rare 10.5 year lease remaining, and marks a step change for Intera Group who are diversifying from their typical stomping ground of Sydney’s lower North Shore. In 2020, Intera Group acquired 65 Berry Street, North Sydney from Charter Hall for $212.5 million.

Intera Group’s Senior Asset Manager, Anthony Gothard said, “We see this acquisition as a relatively risk-free investment underpinned by a clean cash flow, situated front and centre in arguably Sydney’s most exciting precinct”.

Located in Sydney’s burgeoning Tech Central precinct, 39-47 Regent Street is a fully refurbished B-Grade office building. The seven-storey property has a highly specialised fit-out, in a prime location adjacent to Sydney’s busiest station.

JLL’s Director of Capital Markets- (NSW), Mitch Noonan and Senior Director, James Aroney handled the sales process on behalf of the vendor, a private family investor from Melbourne, in conjunction with IB Property’s Steffan Ippolito and Karbon Property’s Joshua Watts.

Mr Noonan said, “The sales process generated significant interest from investors domestically and across the APAC region. Many groups identified the precinct as a high-conviction growth market due to its appeal to technology-based tenants through its adjacency to the Tech Central precinct, as well as the unrivalled infrastructure connectivity and retail amenity of the area.”

Mr Aroney said, “The result highlights the depth of investor appetite and yield compression for assets offering long leases, particularly those in prime locations.”

At 100% occupancy, the building is leased to SAE Qantm. A wholly owned subsidiary of global education provider Navitas, SAE Qantm which was formerly ASX listed but taken to private ownership by BGH Capital in a $2.3bn buy out in 2018.

Sydney’s Tech Central is set to see unprecedented private and public infrastructure investment as the NSW Government plans to generate Australia’s largest technology precinct, akin to that of Silicon Valley, USA. 


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.