Two adjoining buildings in Sydney’s tightly held Midtown Precinct come to market
JLL list two freehold buildings within Australia’s leading luxury retail and office precinct
SYDNEY- MAY 04, 2020 – Two adjoining buildings at 114 Castlereagh Street and 139 Elizabeth Street, Sydney have come to market, presenting buyers with a chance to invest within a tightly held precinct.
114 Castlereagh Street is a seven storey retail and office building fronting Elizabeth Street, adjacent to the Sydney Westfield and is leased to the St James Hotel on the lower ground level, ground level and the first level.
139 Elizabeth Street is a four storey building, housing Levendi Jewellers as the major tenant, leasing the ground and lower ground level retail component. The building is located directly opposite Hyde Park and St James Station.
114 Castlereagh Street and 139 Elizabeth Street are both one of only four assets under $100 million that have been offered to market in the tightly held Midtown precinct since 2018, according to JLL Research.
Whilst Pitt Street Mall is within a 200 metre radius to the two buildings, 114 Castlereagh Street and 139 Elizabeth Street also capture the essence of world-class luxury retail brands, including Prada, Cartier, Gucci, Dior, Van Cleef & Aprels and Hermes all operating in close proximity.
JLL’s Capital Markets (NSW) Senior Director, James Aroney and Director, Mitch Noonan have been exclusively appointed to sell 114 Castlereagh Street & 139 Elizabeth Street, Sydney on behalf of prominent hotelier, Kim Maloney via an international Expressions-of-Interest campaign.
Mr Aroney said, “We expect these assets to generate significant interest from high net worth individuals as well as value-add investors who appreciate assets such as this are extremely scarce and rarely come onto the market.
“Both assets offer their own value-add opportunities including repositioning 114 Castlereagh Street to capitalise on the significant precinct enhancements as well as the potential to redevelop Elizabeth Street into boutique residential or mixed-use development,” Mr Aroney said.
Mr Noonan said, “We have seen continued interest in CBD markets despite the recent volatility in various alternative asset classes. This is particularly the case for assets underpinned by strong fundamentals, defensive income in core locations and close to transport nodes such as 114 Castlereagh Street and 139 Elizabeth Street.”
“Midtown is currently undergoing significant investment in amenity including David Jones $200 million refurbishment of the Elizabeth Street store as well as the Scentre Group and Cbus redevelopment of the former David Jones Market Street store which will become an extension of Westfield Sydney with 12,000sqm of new commercial premises with 101 residential apartments slated for completion in 2022-2023,” Mr Noonan concluded.
Also within close proximity is the Pitt Street North Metro Station and office tower development by Oxford, Grocon and CPB Contractors that will include a new 40,000sqm office complex above the new Metro Station by 2024.
International Expressions-of-Interest for 114 Castlereagh Street and 139 Elizabeth Street, Sydney close on Wednesday, 10th June 2020 at 3pm (AEST).
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.