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
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.