Intrasia Oxley RE purchases AUD$55 million worth of Sydney properties

June 19, 2014

FUNDS management group Intrasia Oxley RE has entered the local property market with the purchase of $55 million worth of Sydney properties.

The group has bought an office building in Sydney’s The Rocks for about $26m, while it has also purchased the former Reader’s Digest Digest building in Surry Hills for more than $30m.

The building at 88 Cumberland Street The Rocks was sold by Tim Casey’s Cumberland Street Developments on a yield of about 8 per cent. It was brokered by Chesterton International’s Ian Triganza and Michael Stokes and CBRE’s Scott Gray-Spencer.

The 4676 sq m building is fully leased with the NSW government occupying half the space.

Chesterton International’s Ian Triganza said properties in The Rocks precinct, including Walsh Bay and Millers Point, had been popular with investors in recent times due to the mixed use development at Barangaroo and gentrification of the nearby public housing.

In Surry Hills, the former headquarters of Reader’s Digest, at 26-32 Waterloo Street, was sold by Centennial Property Group. The building, which was constructed in 1967, is anchored by Woolworths subsidiary Cellarmasters, and Centennia had paid about $23m about two years earlier.

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