Morgan Stanley, Knight Frank launch Sydney office portfolio sale

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Morgan Stanley and real estate group Knight Frank are seeking buyers for a portfolio of seven Sydney office buildings, located within 2km of the CBD.

Morgan Stanley and real estate group Knight Frank are seeking buyers for a portfolio of seven Sydney office buildings, all located within 2km of the CBD.88 Cumberland Street, The Rocks, is one of seven buildings in the up-for-sale portfolio.The portfolio, owned by Australian investment group Marks Henderson, had a combined $20 million a year in fully-let net property income, and 20,102 square metres of net lettable area, the flyer said.

The buildings included 8 Windmill Street, Walsh Bay; 88 Cumberland Street, The Rocks; Wharf 10, 52 Pirrama Road, Pyrmont, 29-43 Balfour Street, Chippendale; 19 Foster Street, Surry Hills; 43-51 Brisbane Street, Surry Hills; and 19a Boundary Street, Darlinghurst. The advisers made a five point pitch to potential acquirers, telling them they were mandated to run a process for the portfolio and would have a data room open shortly.The pitch started with the portfolio’s scale - a portfolio of seven buildings put together over eight years - with each asset said to represent “premium commercial space in their respective markets”.

The portfolio was said to have 97 per cent occupancy, with net leases comprising 58 per cent of income and fixed annual rental increases of 3.9 per cent. The other points included the strength of the “city fringe” property market with 5.5 per cent a year rental growth over the past 10 years and only 5.3 per cent vacancy rate. There was also a pitch point for potential offshore buyers, reminding them Australia was a “stable AAA rated economy with attractive yield spreads” and “one of the world’s most desirable real estate investment markets”.

Source: Real Estate Daily Report (realestatedailyreport.net)

 

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