117 HARRINGTON STREET, SYDNEY

117 HARRINGTON STREET, SYDNEY

DESCRIPTION

  • 1,404 sqm heritage listed boutique office

  • 6 storeys

  • 3 street frontages

  • Multi tenanted

STRATEGY

  • Forecast increased occupational demand for creative space by tenants

  • Capture rental growth

  • Undertake capex program

ATTRACTION

  • Purchased in 2013 for $12m

  • Under rented

  • Office and residential use allowed

  • Rapidly improving location

RESULTS

  • Tenant mix reconfigured

  • Rental growth higher and tenant incentives lower than market

  • Sold in September 2019 for $21m resulting in an equity IRR of  >20% and Equity Multiple of 2.50x