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A strong economy and improved lending is helping drive commercial property sales, with a Sydney CBD commercial office tower selling for $106.1million.
The private purchase of the renowned 55 Hunter Street office tower by City Freeholds highlights the strengthening fundamentals in the Sydney investment market.
CB Richard Ellis’s Rob Sewell , who negotiated the sale, said the commercial property market is on the up.
“About $1 billion in commercial property [was] traded this year in Australia including the landmark $685 sale of Aurora Place,” he said.
“On the back of our sale of 20 Hunter Street last year for $77 million and now 55 Hunter Street, these transactions demonstrate that buyers are now confident of the improving market fundamentals,” Mr Cullen added.
The 55 Hunter Street tower is 100 per cent leased to a range of tenants, including high profile law firm Kemp Strang.
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