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Piers 8/9, Walsh Bay, Sydney

A 10,254 sqm heritage-listed former shipping wharf with adaptive reuse for office space completed in 2000. The building has an iconic presence in Sydney and was purchased for AUD46m in 2014. Was sold in July 2018 for AUD91m (6% yield), resulting in an IRR of >30%.

Attraction
  • Purchased in 2014 for AUD46m at 8.6% yield.
  • Long leased asset with strong lease covenants.
  • Increasingly attractive location.
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Strategy
  • Forecast increased occupational demand for creative space by institutional tenants.
  • Capture rental growth.
  • Undertake capital expenditure program.
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Results
  • De-risked the asset through the significant increase of WALE.
  • Considerable capex program (lifts, A/C, End of Trip).
  • Significant increase in equity value from AUD14m to AUD41m.
  • Sold in July 2018 for AUD91m (6% yield) resulting in an IRR of >30%.
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