Rocks Site next to Sirius Building Sells for $56m

A commercial building at 88 Cumberland Street in Sydney’s Rocks precinct has been purchased by investor Marks Henderson for $56 million.

Melbourne-based property funds manager Marks Henderson made the acquisition of the mixed-use building adjacent to Sydney’s brutalist Sirius building on a sub-5 per cent yield.

It is home to New South Wales’ tourism marketing body Destination NSW. The six-level building comprises of ground floor retail area, four levels of office space and 14 car spaces. The building was completed in 1991 and refurbished in late 2002.

It has a net lettable area of 4675 square metres. The top level of the building has four apartments that will continue to be privately owned under a separate strata plan.

"The property represents one of the few large-floor-plate commercial buildings in the area," CI Australia’s Rebecca Roberts said.

"Its unique views and amenity represent a desirable tenant location."

Related reading: Brutalist Masterpiece Sirius Saved from Demolition

Supporters of Sydney's Sirius building at Circular Quay lost their fight to stop its sale, with the brutalist-designed apartment building placed on the market last December.
Sirius Sydney 2

Roberts and colleague Michael Stokes negotiated the off-market sale for the vendor Argus Property Partners.

The property was last traded for $26 million in 2014.

Marks Henderson have been acquiring buildings that have character, appeal to start-ups and businesses wanting a more distinctive environment.

The adjacent Sirius building at Circular Quay was put on the market late in 2017 after supporters of the building – previously used as public housing – failed in a bid to stop its sale. The NSW government had previously refused to place it on the state’s heritage list.

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Article originally posted at: https://theurbandeveloper.com/articles/rocks-site-next-to-sirius-building-sells-for-56m