The Sydney-based Tricon Group has acquired a telecommunications centre on the Broadway corridor in Chippendale, Sydney from Telstra for $67.6m. The six-level purpose-built phone exchange now operates as a data centre. The price paid indicates an initial yield of 6.65%.
The freehold building is currently on a five-year lease to Telstra and is zoned B4 Mixed Use which offers significant development, refurbishment, or conversion potential. The building has a gross floor area estimated at 8,852sq m, with a basement and lower ground floor car park, ground floor and three upper levels. The site overall is 1,770sq m size.
In a second transaction, Tricon Group purchased The Lansdowne Hotel – an established music venue for around $90m.
Plans have not yet been revealed for these sites. They are located near the $3bn Tech Central hub earmarked for the city’s Central Station precinct.
[For further details visit The Australian Business Review article ]