PIER 8/9, WALSH BAY, SYDNEY
DESCRIPTION
- 10,254 sqm heritage listed former shipping wharf
- Adaptive reuse for office space completed in 2000
- Iconic presence
STRATEGY
- Position the asset for institutional tenants who want creative space
- Capture rental growth
- Undertake capital expenditure program
- Sell
ATTRACTION
- Purchase yield of 8.6%
- Multi let to strong tenants
- Rapidly improving area with Barangaroo development occuring nearby
RESULTS
- Let majority of building to Clemenger BBDO on a long term lease
- Rental growth higher and incentives lower than market
- Sold in July for $90.5m
- IRR>30%