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SALE OF FOUR STRATA FLOORS AT 265 CASTLEREAGH STREET, SYDNEY

265Drake Property has recently been involved in the sale of the largest strata floor in the CBD for many years. Four floors comprising approximately 1,800 m2 have recently been sold to an owner occupier who intends to occupy the premises late this year. At $7,900,000 the sale represented approximately $4,500 per m2. Four car spaces were also involved in the sale. This was the most significant strata sale in many years.

265 Castlereagh Street was previously fully occupied by the NSW Department of Prosecutions who vacated in last year. The building was extensively refurbished with new ceilings, air-conditioning and electrical and upgraded toilets and lifts and foyer.

The strata suites and floors have been marketed by exclusive agents Drake Property and in just over 6 months since completion of refurbishment works just over 60% of the building has been sold.

Nick Drake, Principal of Drake Property said nearly 80% of the small suites sold had been to small Asian businesses, many of whom were solicitors. "With commercial rentals forecasted to rise dramatically over the short term purchasing strata offices was seen by buyers as an excellent hedge against future rental increases". Further, with the attractive vendor finance available purchasing was a cheaper option.

Nicola Carr, who has also been handling sales commented that there was almost no stock and this was one of the best quality buildings available, which had been reflected in the success of sales over such a short term.

The opportunity to purchase whole floors is limited with only one whole floor remaining, though this is currently under negotiation.

Other suites remain ranging in size from 81 sqm to one whole floor remaining at 460sqm.

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