Fund managers swap Walsh Bay office
German fund manager Real IS has swooped on a Walsh Bay office listed two years ago as part of a $500 million portfolio.
The fully leased seven level building at 8 Windmill Street (pictured, top), also fronting Hickson Road, is believed to be costing about $50 million.
Seller, Melbourne fund manager Marks Henderson, paid $28m in 2014.
The deal comes nearly four years since Real IS outlaid $97m for adjoining Surry Hills offices – then its 12th Australian commercial real estate investment.
It also recently refurbished the entrance foyer and ground floor café tenancy.
In 2021, the group spent $73.5m on a near new South Yarra, Melbourne, office.
8 Windmill Street
Penned by Peddle Thorpe & Walker, completed in 2003, 8 Windmill St, Millers Point, contains 3819 square metres, with a 4.5-star NABERs rating (story continues below).
With occupiers including BG&E, Costin Roe Consulting, John Holland, Pittwater Industrial and St Hilliers, the weighted average lease expiry by income is three years.
There are also 32 car parks.
The 1214 sqm site offers Sydney Harbour views across the road.
Knight Frank’s Jonathan Vaughan was the agent.
The same agency listed the property, with six others held by Marks Henderson, in October, 2022 – five months after the Reserve Bank of Australia started hiking interest rates (all up 13 times over 15 months, sapping a then-high confidence in the sector).
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