Sydney Office Tower Sells For c$60m To YUHU Group

A 15-storey office tower located at 20 Berry Street in North Sydney has sold for around $60 million to YUHU Group at a yield of circa 7.25 per cent.

The office tower is currently 100 per cent leased to a diverse range of industry groups, underpinned by anchor tenant SMEC, the global engineering firm who occupy 49 per cent of the building’s net lettable area (NLA). The property has a total NLA of 9,723 sqm, with 110 car parking spaces and a weighted average lease expiry of 5.42 years.

Knight Frank’s Director of Institutional Sales, Tyler Talbot, and Head of Asian Markets, Dominic Ong, negotiated the deal on behalf of Velment Pty Ltd, headed by private developer Robert Magid.

“The demand for investment-grade properties on the North Shore continues to increase, with a number of recent transactions taking place. This is a result of increasing investor appetite for quality stock in a supply-constrained market,” said Mr Talbot.