Global real estate investment manager TH Real Estate has acquired Built’s Sub Station No.164 development at 183-185 Clarence Street in Sydney’s CBD for $180 million.
The Fjmt-designed tower addition to two heritage-listed Sydney buildings won approval earlier this year, with Built placing it on the market not long thereafter.
Built acquired the site for just $22.5 million last year from the Vietnam-based Vingroup.
The dome-like glass extension, set to become private developer Built’s Sydney headquarters, offers 7,867sq m of A-grade office space. Built will also undertake construction of the project.
TH Real Estate acquired the project on a fund-through basis.
Built managing director Brett Mason said he was pleased to partner with TH Real Estate.
“Sub Station No.164 is unlike any other development in Sydney right now in creating what we clearly see as heritage development of the future” Mason said.
“We’ve already had strong enquiry on the leasing front that clearly talks to the quality and rare opportunity presented by this development and we look forward to working closely with TH Real Estate to bring our clear vision to a reality.”
Built has pre-committed to four floors for its Sydney head office.
The Sub Station No. 164 development will also include the restoration of 7-storeys in the existing 1909-built Shelley Warehouse and adjoining former electrical substation.
The development is expected to complete in 2020.