This property delivered a total equity IRR of 19.0%
Abacus acquired 309 George Street in October 2011 for $68.75 million in joint venture with AM alpha, a global investment manager.
The property comprised 15 storey commercial office building located in the prime core precinct of the Sydney CBD and is in the heart of one of Sydney’s busiest retail strips. The asset was acquired at an attractive rate per m2 of $7,500 considering prime frontage to George Street. The site was anticipated to undergo significant regeneration and sat between two major redevelopments. The joint venture fully refurbished levels 4-11 to a high standard of finishes and services and developed innovative and attractive floor subdivisions to enhance natural light and accomodate tenant space requirements.
Asset was sold in early 2015 for $112.3 million, representing a strong $12,053 per square metre and delivered a robust return to the joint venture.
|Acquisition price||$68.75 million|
|Sale price||$112.3 million|
|Capital uplift||$43.5 million or 63%|
|Net lettable area||9,317m2|