Propertylink Lists North Sydney Office Building for $70m

ASX-listed investment firm Propertylink has listed a 14-storey office tower in North Sydney, with price expectations of about $68 million.

The 80 Mount Street building, acquired by Propertylink and co-investor Goldman Sachs in 2016, has been listed by Knight Frank in conjuction with CBRE.

The B-grade tower was one of nine assets in the Denison Portfolio which Goldman Sachs and Propertylink acquired as part of their Property Enhanced Partnership fund.

Propertylink and Goldman Sachs have more than doubled their profit, with the portfolio now estimated to be worth around $340 million. The duo picked up the Denison Portfolio for $141.93 million.

Related: Aqualand Completes Sale of North Sydney Tower for $59.4m

The tower at 80 Mount St comprises 6,292 square metres of B-grade net leasable area on a 652sq m site. Major tenants include A2 milk and Tract Consulting. Since being acquired, the tower has undergone renovations to the lobby, bathrooms and lifts.

Propertylink and Goldman Sachs are aiming to take advantage of the current market and realise the value added through their refurbishments.

“80 Mount Street is expected to attract strong interest from both local and offshore buyers as it is the best value-add opportunity located in the heart of the North Sydney CBD,” Knight Frank head of sales Tyler Talbot said.

The completion of nearby 100 Mount Street and 1 Denison Tower developments and the opening of a new Metro Station in 2024 will guarantee rental growth for years to come, the agents said.

80 Mount St will be sold via expressions of interest closing late August.