Investa Property Group Trust ("Investa") in conjunction with co-owner Investa Commercial Property Fund ("ICPF") today announced 231 Elizabeth Street, Sydney will be offered to the market for sale.
The offering provides a rare opportunity to purchase 100% freehold interest in a quality A-Grade Sydney CBD asset, occupied by Australia's largest telecommunications carrier Telstra.
Michael Cook, Group Executive Capital Transactions & Commercial Developments at Investa said: “This is a quality Sydney CBD asset and we anticipate strong interest from both local and offshore buyers.
The attractive midtown location, quality of the lease covenant and the limited requirement for future capital expenditure makes the opportunity particularly attractive.”
Located on the corners of Elizabeth, Bathurst and Castlereagh Streets, the 15-level building has a net lettable area of 23,275m2 and basement car parking for 80 vehicles. The location is well serviced by public transport with direct access to Museum railway station and major bus routes, which operate along Elizabeth Street.
The building is 100% occupied with office floors providing occupants with excellent natural light and views over Hyde Park and Sydney Harbour. Telstra’s covenant provides security over 99% of the income until 2020.