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Pyrmont Office Tower Hits the Block for $130m

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UBS Asset Management has listed an A-grade commercial office tower with expectations in excess of $130 million.

The listing, brokered by JLL and Colliers International, is the first city fringe asset in more than 12 months to publicly hit the market with an asking price of more than $100 million.

Google recently expanded its Pyrmont holdings snapping up the nearby 38-42 Pirrama Road building owned by developer Aqualand on the Sydney fringe suburb.

“We have seen major investment in Pyrmont over the last few years, and it has now become a genuine option for tenants wanting to set up shop outside the Sydney CBD,” JLL national director of sales and investments James Aroney said.

UBS originally acquired the 19 Harris Street Pyrmont site in 2015 for $92 million.

Related: State Government Cans Google’s Plans for Redfern HQ

Pyrmont is seeing significant investment through both public and private sectors with key projects benefiting the area including the $3.5 -$4.5 billion Darling Square ICC, the Pyrmont and Sydney Light Rail connection from existing line to Circular key approximately $2.1 billion investment.

Low supply, steady wages growth and business confidence have bolstered steady demand within the Sydney office sector.

Colliers International research last month revealed more than one million square-metres of office space could be required in the Sydney CBD to satisfy white collar employment growth over the next 25 years.

“If white collar employment continues to grow at the forecast rates, we could realistically see longer term vacancy rates fall back to historically low levels as the supply of new office space tapers off after the current pipeline is delivered,” Colliers International national director of capital markets Adam Woodward said.

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Article originally posted at: https://www.theurbandeveloper.com/articles/130m-office-tower-hits-tech-hub-pyrmont-market