The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
OfficeTue 28 Aug 18

George Street Tower Hits the Block for $150m

41430484-afee-421e-aa53-cc4017a093b5

Property fund manager RF CorVal plans to divest its 15-storey Chatswood office tower with expectations around the $150 million mark.

The 67 Albert Avenue asset is tipped to generate strong interest thanks to a booming infrastructure sector driving demand in Sydney’s metro office market.

The property fund manager, which was established in 2009 and holds a 41 strong property portfolio in excess of $1.9 billion in value, acquired the tower in 2014 from Eureka Funds Management for $84 million.

The Chatswood tower, one of five A-Grade buildings in tightly held Chatswood, offers development upside with the potential to add a second 7,100 sq m office tower on-site due to its stage one DA approval.

According to the Property Council of Australia’s recent office market report, Sydney’s CBD office vacancy rate is at its lowest in more than ten years, with NSW claiming five of the top ten markets with Australia’s lowest vacancy rates.

Related: Two Sydney ‘Super Sites’ Hit the Block

Cushman & Wakefield’s Steven Kearney and Mark Hansen are managing the sale with Adam Woodward and Jon Chomley from Colliers International.

“The Chatswood CBD has witnessed ongoing leasing demand from blue chip corporates and State and Federal Government due to the substantial levels of infrastructure investment,” Chomley said.

“This has resulted in strong rental growth and reducing incentives, with vacancy rates for A-grade office space currently at just over six per cent.”

The Chatswood tower is 97 per cent leased to tenants such as Westpac, GPNSW and Du Pont Australia with a WALE of three years.

The asset is located adjacent to the Chatswood Transport Interchange and Westfield Chatswood.

The property will be sold via an expressions of interest campaign which closes 26 September 2018.

OfficeInfrastructureAustraliado not useSector
ADVERTISEMENT
TOP STORIES
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
6 Min
Exclusive

Industry Stoush Looms Over Construction Code Pause

Patrick Lau
4 Min
View All >
An artist's impression of Conquest's residential building over then new Queensbridge Shopping Centre
Development

Conquest Doubles Down on Eastlakes Apartment Plan

Leon Della Bosca
Sponsored

Future-Proofing Olympic Venues Starts Right Now

Partner Content
Macedon Ranges
Residential

State Waves Contentious 1360-Home Victorian Estate Ahead

Leon Della Bosca
The 131ha development will almost double the population of a regional town north of Melbourne.…
LATEST
An artist's impression of Conquest's residential building over then new Queensbridge Shopping Centre
Development

Conquest Doubles Down on Eastlakes Apartment Plan

Leon Della Bosca
3 Min
Planning

Future-Proofing Olympic Venues Starts Right Now

Partner Content
6 Min
Macedon Ranges
Residential

State Waves Contentious 1360-Home Victorian Estate Ahead

Leon Della Bosca
3 Min
Landmark's amended proposal for a Macquarie Park tower is on exhibition
Residential

Landmark Plots Doubling Height of Mac Park Tower

Patrick Lau
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/rf-corval-lists-sydney-tower-for-150m