GPT’s wholesale office fund plans to build a 46,000sq m office tower in North Sydney by the end of this decade after buying two older buildings on Walker Street.
GPT has become the latest major property player to buy into North Sydney, acquiring two adjacent Walker Street sites for an estimated $185 million, giving it scope to develop a premium office tower within easy reach of Victoria Cross Station.
GPT’S Wholesale Office Fund plans to replace these buildings at 153 and 157 Walker St, North Sydney, with a premium office tower.Transport hub Victoria Cross Station is scheduled to open in 2024, offering rapid connections to the CBD, just five minutes away, Crows Nest, Chatswood, Macquarie Park and the booming north-west growth area.
“We see the potential for outperformance in North Sydney through strong rental growth off the back of stock renewal and the delivery of Victoria Cross,” a GPT spokesperson said.In the biggest buy, GWOF bought the 13-storey office building at 157 Walker Street from Marprop Real Estate Investors and its partner GLL Real Estate Partners, now owned by Macquarie Group, for around $125 million.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How former South Sydney player Wes Maas built a $600 million fortuneFor a man whose fortune has plunged almost $200 million in the past year, former national rugby league player turned businessman Wes Maas is incredibly upbeat.
Read more »
Teen stabbed to death at Sydney Royal Easter Show identifiedCCTV footage has been released of a number of people who NSW Police believe may be able to assist with their inquiries into the Royal Easter Show stabbing earlier this year. READ MORE: 9News
Read more »
Sydney records smashed by a who’s who of cashed-up buyersCanva techie Nicholas Wittison has upgraded from Marrickville to Petersham for $5.35 million, and one Pymble residence sold behind closed doors for $15 million.
Read more »
Buying in Sydney under the shared equity schemeEssential workers who qualify could choose an apartment closer to the Sydney CBD or a house further away.
Read more »
Sydney teenager who died in Thredbo skiing accident identifiedA teenager who died after crashing into trees at Thredbo ski resort in southern NSW has been identified as a former student at Shore school in North Sydney
Read more »
Dominic Perrottet doesn't know why it costs $25m to install Aboriginal flag on Sydney Harbour BridgeNSW Premier Dominic Perrottet has announced a 2022-23 budget commitment to have an Aboriginal flag fly permanently on the Sydney Harbour Bridge.
Read more »