500-520 Pacific Highway, St Leonards, with residential development potential
The Australian Financial Review has reported the sale of two office towers in Sydney's St Leonards for an estimated $320 million.
The A-grade office asset, Space 207, was sold by Valad Property Group and Primewest for around $170 million and 504 Pacific Highway from Charter Hall for $150 million.
Altis Property Partners acquired Space 207, with the building comprising 18,324 square metres of office space with an additional 1,540 square metres of ground floor retail space. It is fully leased and is considered a trophy asset on Sydney's lower north shore.
The Charter Hall owned 500-520 Pacific Highway asset was also sold, acquired by Chinese company New Hope Real Estate Development, and joint venture partner Melbourne-based group, VIC Investment Management Group for $150 million.
According to the AFR, the site, including the office tower 504 Pacific Highway, has been rezoned to allow a 138-metre mixed-use residential development with the potential for 450 dwellings.