Bridge to Success for Sydney’s Financial District

17 July 2017

Bridge Street in Sydney’s CBD has garnered a lot of attention of late, following the recent sale of 20 Bridge Street to offshore investor Early Light International (Holdings) Ltd Group for $335 million on a 4.5 percent fully leased yield. Now its next door neighbour, Exchange House at 10 Bridge Street is set to hit the market following an assortment of off-market offers that has seen vendor Coweley Australia (part of ST Real Estate Group) take the B Grade commercial office to market with price expectations of greater than $130 million.

For sale through Graeme Russell, Simon Fenn and Ben Azar of Savills Australia and Rick Butler and Josh Cullen of Inc RE, the 14 storey, fully leased office building offers two levels of basement car parking, a Weighted Average Lease Expiry (WALE) of 3.5 years and a four star NABERS rating.

According to Graeme Russell, Director of Capital Transactions at Savills Australia, the building was stripped back to its core in 1997/98 and fully refurbished/redeveloped.

“10 Bridge Street is an iconic building in the heart of the city, adjacent to the Stock Exchange and offers a new opportunity to capitalise on the strong Australian market, in particular, the Sydney CBD.

“Just like 20 Bridge Street, we have already received a lot of unsolicited global and local interest in 10 Bridge and believe potential buyers will range from Hong Kong and Singaporean groups to large domestic private investors and a number of REITS.”

Rick Butler of Inc RE said “The asset is 100 percent leased with a high calibre of tenants including ASG Group, Kessler Financial Services Australia, Centrepoint Services and Boeing Australia Holdings, along with external branding opportunities and dual entry off Bridge Street”.

The property is moments from Circular Quay, Wynyard Train station and the George Street Light Rail development and within close proximity to ANZ, Westpac, NAB, Commonwealth Bank and major hotel groups including The Four Seasons, Intercontinental and the Marriott.

Exchange House at 10 Bridge Street Sydney is for sale through Savills Australia and Inc RE via an International Expressions of Interest campaign commencing in August 2017.

 
 

Key Contacts

Graeme Russell

Graeme Russell

Director
Capital Transactions

Savills Sydney

+61 (0) 2 8215 8947

 

Jessica Freeman

Jessica Freeman

Director - PR NSW
Corporate Services

Savills Sydney

+61 (0) 2 8913 4826