We have launched global sales campaign for our Trust’s current interest in the commercial space known as One Hundred Broadway, in Sydney’s landmark Central Park precinct, after the pre-commitment of the space to the UTS Graduate School of Health.
IIG has appointed CBRE’s James Parry and Inc RE’s Rick Butler to lead the campaign, which is expected to achieve pricing in excess of $70-million.
The property, which is comprised of approximately 5,500 sqm of commercial space, is currently under development by Frasers Property Australia and Sekisui House Australia, with completion currently anticipated in the second half of 2018. Upon completion, IIG has an option to acquire the property from the Developers.
Significant local and offshore buyer interest is anticipated, underpinned by the strength of the lease to UTS and the ongoing investor demand for quality commercial investment opportunities.
IIG’s Head of Funds Management Real Estate, Darren Brusnahan, said; “One Hundred Broadway offers a secure, long term income from a blue-chip tenant and has been designed to deliver industry-leading environmental performance.
“We’re particularly proud to offer our current interest in the property with a values-aligned tenant like UTS. It’s fantastic knowing that their Graduate School of Health will be training the next generation of psychologists, pharmacists and physios in these surroundings.
“It’s the type of built environment that investors are targeting, providing innovative sustainability features, spectacular architecture and a premium indoor environment.”
The One Hundred Broadway commercial space spans six levels in the pair of mixed-use towers designed by award-winning architects Foster + Partners on the corner of Broadway and Abercrombie St, effectively becoming a southern gateway to the Sydney CBD.
James Parry, CBRE’s State Director for NSW, said; “This property forms part of the $2 billion Central Park precinct, which has redefined the southern end of the Sydney CBD. The quality design and tenancy covenant to UTS will underpin significant interest from domestic and international buyers, amid strong ongoing demand for Sydney investment opportunities.”
“The property benefits from large, flexible floor plates of over 900sqm, premium services, and a central location directly opposite the main UTS campus. This was an obvious drawcard for the university, who overcame competition from a range of tenants to secure the property.”
Rick Butler, Inc RE Partner, said “The offering of IIG’s current interest in One Hundred Broadway is a very rare opportunity to acquire a Sydney CBD asset with a tenant of this calibre.
“I’ve been selling in this market for decades, and smart buyers will know they rarely have a chance to secure a property like this.
“We can’t wait to start the campaign.”