Investa Lists Pitt Street Tower for $200 Million

Investa Property Group has put a freehold commercial and retail tower in Sydney's CBD on the market, with offers expected around the $195 million mark.

Positioned between Martin Place and Pitt Street Mall at 130 Pitt Street, the B-grade building offers 38 metres of street frontage as part of its total 10,893 square metres, as well as three-storeys and 9,829 square metres of office space and 1,064 square metres of net lettable retail space.

The building is being marketed by Ben Azar and Ian Hetherington of Savills Australia and Josh Cullen and Rick Butler of Inc RE.

“This is a core CBD location with dual street and land access which adjoins the MLC Centre and 5 Martin Place," Cullen said.

The building also offers a 5-star NABERS Energy rating.

[Related reading: Cromwell Sells Entire Investa Office Fund Stake]

Investa acquired the building in 2007 for $112 million from GE Real Estate. The building currently has 96 per cent occupancy with a 2.15 year weighted average lease expiry.

Savills' Ben Azar said there was an opportunity for strong reversion potential across the office and retail components in the short term.

“Most notably, any retail repositioning will directly benefit from the building’s close proximity to Pitt Street Mall and King Street’s high-end retail, not to mention the short walk to Wynyard and Martin Place railway stations," he said.