Citadin sells off Sydney CBD properties

Citadin sells off Sydney CBD propertiesMalaysian-based investment company Citadin Pty Ltd has sold another Sydney CBD office building for $55 million, following its sale of three other nearby properties last week.The latest sale is of an 11-storey building at 287 Elizabeth Street and 136 Liverpool Street. The 5865 sqm inter-connected building comprises ground floor retail and 10 upper levels of office space. The property has frontages to Elizabeth, Castlereagh and Liverpool Streets and views over Hyde Park.It was sold in an off-market deal to a Hong Kong investor at an initial yield of 5 per cent.The deal was brokered by Jonathan Vaughan and Dominic Ong of Knight Frank. Vaughan and Andy Hu of Knight Frank also recently negotiated the sale of three commercial assets on the Sydney CBD fringe on behalf of Citadin.The three properties at 10-14 Quay Street and 775-779 George Street sold for $42 million on a yield of 3.9 per cent.According to Vaughan, these transactions show the ongoing strength in the Sydney market and the continued attraction from local and offshore investors.”Sydney is a gateway market with some of the best fundamentals in the country, and the opportunity to purchase quality office stock is increasingly limited. The purchaser considers 287 Elizabeth Street and 136 Liverpool Street a strategic acquisition,” he says.