Sydney-based real estate investment group Markham has secured a commercial property with plans for a $300 million office campus in Alexandria.
The company recently agreed on terms to purchase 22 O’Riordan Street, which sits on a large 7,436sq m site, on a short-term sale and leaseback from vendor City Holdings in an off-market deal.
Privately-owned Markham says its long-term plans for the property, located on the corner of O’Riordan Street and the extension of the new Geddes Avenue, include a new 20,000sq m A-Grade campus-style office development.
The investment group, which was founded by James Markham and his father Geoff in 1995, lodged the first stage development application in June, with initial approval expected for early 2020.
The property was brokered by Colliers South Sydney’s Michael Crombie.
Markham chief executive James Markham says the proposed A-grade building in the major Green Square precinct, will provide corporate players with an “attractive alternative” to CBD rental offerings.
The $13 billion, 278 hectare Green Square urban renewal project is the first new “village” created within three kilometres of Sydney’s CBD, expected to house 61,000 residents in 30,500 new dwellings by 2030.
“The City of Sydney has committed $540 million over the next 10 years to create world-class community facilities,” Markham said.
Last year Markham sold its 179 Elizabeth Street office tower, opposite Sydney’s Hyde Park, to a Macau-based investor for $265 million, racking in $15 million more than the group expected. Then in December, Markham snapped up King Street Wharf on Sydney’s Darling Harbour precinct for $125.5 million on a fully leased 6.02 per cent yield.