Cbus secures Sydney office in bittersweet deal
Cbus has secured the half stake it didn’t control of a prime Sydney office.
In what could be considered a bittersweet deal, the group is picking up the 5 Martin Place interest for $296.2 million – c$54m, or about 15 per cent less, than the December, 2023, book value.
Dexus and the Canada Pension Plan Investment Board, or CPP Investments, were the sellers, each holding 50pc.
The disposal reflects a circa 6.1pc yield.
Also today we are reporting 200 Queen St in Melbourne’s CBD sold to the major occupier, Barristers’ Chambers Limited, ahead of a public marketing campaign.
CBRE’s Kiran Pillai, Flint Davidson, Scott McGlone and Andrew Hunter with Cushman & Wakefield’s Leigh Melbourne, Nick Rathgeber, Josh Cullen and Mark Hansen were the agents.
Dexus, CPP quit another Sydney office
At the north east corner of Pitt St (and including a property known as 108-120 Pitt St), 5 Martin Pl includes a modern 20 level tower cantilevered behind the c1916 Commonwealth Trading Bank Building, also known as the Money Box, which rises 10 storeys.
The design allows for large floorplates – up to 2400 sqm but from 1100 sqm (story continues below).
All up the asset contains 30,000 sqm of lettable area around an 11 floor atrium light well.
Last February, law firm Ashurst announced it would quit a major space for 10,000 sqm at nearby 39 Martin Pl.
The disposal comes three years since Dexus and CPP sold Blackstone a half stake in the city’s 44 level, 84,000 sqm Grosvenor Place, for $925m.
Also in 2021 the pair divested North Sydney’s 201 Miller St for $154m.
Dexus and Cbus meanwhile also co-own a local investment – the distinctive 1 Bligh Street.
The country’s first high-rise with a two layer façade and external louvres, penned by Germany’s Ingenhoven Architects, that asset was completed in 2011.
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