Jul 20, 2017
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Held across two TCA-managed private equity funds, the properties – 50 Pitt Street in Sydney; 150 Charlotte Street in Brisbane; and 575 Bourke Street, 469 La Trobe Street and 850 Collins Street (pictured) in Melbourne – are being sold in accordance with the fund’s intended timeline and strategy. (Image: CBRE)

Singapore-based TrustCapital Advisors (TCA) is selling five office assets worth about A$700 million along Australia’s eastern seaboard, with CBRE and JLL as marketing agents.

Held across two TCA-managed private equity funds, the properties – 50 Pitt Street in Sydney; 150 Charlotte Street in Brisbane; and 575 Bourke Street, 469 La Trobe Street and 850 Collins Street in Melbourne – are being sold in accordance with the fund’s intended timeline and strategy.

The properties are being offered individually, as a split combination of assets or as an entire portfolio.

“For portfolio buyers, the campaign provides an opportunity to gain obtain immediate scale with prime assets across Australia’s three major cities. Strong interest is also expected in the individual assets, which are each well positioned to capitalise on market conditions in their particular locations,” said CBRE Victoria senior managing director Mark Coster.

For the Melbourne assets, the 17,337sq m 850 Collins Street offers a high-quality income underpinned by global tenant Aurecon, while 469 La Trobe tower provides the need for minimal capital expenditure. The 19,864 sq m building also benefits “from a diverse tenant mix, full occupancy, a strong history of tenant retention and strong potential for near term rent reversion.”

Melbourne’s 16,152 sq m 575 Bourke Street, on the other hand, has capital works underway that is expected to future proof the asset, improve tenant attraction and drive rental growth.

The 11,011 sq m 150 Charlotte Street tower in Brisbane provides long weighted average lease expiry (WALE) and a quality cash flow, while Sydney’s 50 Pitt Street is poised to “benefit from the diminishing supply of B-grade office stock in the Sydney CBD, substantial upside in the rents and the potential to construct additional retail space,” said JLL’s head of office investments Rob Sewell.

The expression of interest for the properties will close on 23 August.

 

This article was edited by Denise Djong.

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