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With a net lettable area of around 22,890 sq m, 66 Goulburn Street features 53 basement parking spaces, a ground floor retail space and 24 office levels. (Photo: Intermain Pty Ltd/Ute Wegmann Photography)
Ascendas-Singbridge Group acquired 66 Goulburn Street, an A-Grade commercial building in Sydney’s central business district, from GDI Property Group for A$252 million (around S$270 million).
With a net lettable area of around 22,890 sq m, 66 Goulburn Street features 53 basement parking spaces, a ground floor retail space and 24 office levels.
The building, which houses government entities as well as legal and financial services firms, is within close proximity to major court buildings like Family Law Court and Downing Centre Courts. It is also well served by various food and beverage options as well as popular shopping centres.
“Since acquiring 100 Arthur Street in North Sydney last year, we have been actively sourcing for suitable opportunities to expand our office portfolio in Australia. This asset has a relatively long weighted average lease expiry profile and good covenant tenants,” said Jonathan Yap, Ascendas-Singbridge’s chief investment officer and head of real estate funds.
“It represents an attractive investment proposition against the backdrop of office supply removal in the midtown precinct due to residential conversions and limited new office supply across Sydney CBD over the next few years. Hence, market rental growth is forecast to remain strong for the mid-term with decreasing rental incentives.”
In a release, the company noted that 66 Goulburn Street and other recent acquisitions bring its pan-Asian office portfolio to around 312,000 sq m, with an additional 75,000 sq m under development across Sydney, Seoul, Shanghai and Singapore.
“The acquisition expands Ascendas-Singbridge’s total Assets Under Management including those held by Ascendas Real Estate Investment Trust and Ascendas Hospitality Trust in Australia to approximately S$2.6 billion,” it added.
This article was edited by Denise Djong.
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