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CURRENT OFFERING
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ABOUT
SERVICES
CASE STUDIES
CONTACT
CURRENT OFFERING
PIER 8/9, WALSH BAY, SYDNEY
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
ATTRACTION
Purchased in 2014 for $46.35m at 8.6% yield
Long leased asset with strong lease covenants
Rapidly improving location
STRATEGY
Forecast increased occupational demand for creative space by institutional tenants
Capture rental growth
Undertake capital expenditure program
RESULTS
Significant cap rate compression achieved
Rental growth higher and tenant incentives lower than market
Sold in July 2018 for $90.5m resulting in an achieved IRR of >30%