Taiwan developer grabs Ashfield buildings for $63m
Taiwanese developer Shayher has snapped up a twin-building office complex in Sydney’s inner west for about $63 million.
The two buildings at 2-6 Cavill Avenue, Ashfield, were listed in April by Greg Shand’s Barana Group, which picked them up for $47 million in 2015.
Both buildings were constructed in the mid-1980s with a car park, ground-floor foyer and several levels of office space.
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After significant renovations in 2002, the towers offer a combined lettable area of 10,620sqm and 289 car spaces.
The NSW government’s Department of Family and Community Services is the primary tenant, with passing net income of $3.54 million each year. Leases run until February 2021 with a one-year extension available.
Approval has been awarded by Inner West Council to rezone the western portion of the site to mixed use. The floor space ratio has been upgraded to create a total of 25,250sqm of gross floor area, giving Shayher the opportunity to create about 285 apartments and retail space.
Barana Group accepted the offer at $7565 per square metre and a passing yield of 5.6%.
Knight Frank’s Richard Garland, Dominic Ong and Tyler Talbot marketed the property.
Last month, Shayher Group was announced as the winning bidder of the strategically placed Bulimba Barracks in Brisbane’s inner east for an undisclosed amount.
This article originally appeared on www.theaustralian.com.au/property.
