Significant commercial office block opportunity in Wollongong
Wollongong will see another major commercial office block available for sale, with 90 Crown Street on the market by Centuria Property Funds. It is likely to be one of the biggest sales in the region this year, offering around 10,000 m2 of A grade office space over seven levels.
The building currently has annual income of $3.64 million per annum, with existing tenants Services NSW and the recently refurbished Mr Crown nightspot. The building currently has government approval for further development, either with more levels on top or building outwards into the courtyard.
The sale is being managed by Knight Frank and MMJ, who are confident that Wollongong’s recent performance as a strong and fast-growing market means the property will attract significant attention from local high-net-worth investors, local syndicates and offshore investors.
The sale of this building comes after a South African company purchased the Navy Hydrographics Building on the corner of Station and Burelli Streets for $13.6 million in April. This was the second Wollongong asset acquired by the private investment fund Abacus Nominee Services, showing continued confidence in the region by the group.