A 50 per cent freehold interest in the $1.6 billion Harry Seidler-designed MLC Centre in the heart of Sydney’s CBD has hit the market.
Standing 228 metres tall and occupying one of Sydney’s largest freehold sites, at 19-29 Martin Place, the A-grade building sits adjacent to the Sydney Metro project’s new Martin Place station.
Listed property group GPT is seeking expressions of interest for its 50 per cent share of the building, which is jointly owned by Real Estate Group Dexus.
GPT first nabbed a 10 per cent share in the building in the late 1980s.
The joint ownership also gives Dexus, which currently controls an Australian property portfolio valued at more than $22 billion, pre-emptive rights to the sale.
The MLC Centre comprises 67,408sq m of prime office space across 57 floors, in addition to 10,305sqm of prime retail space.
The property also has permit approved retail redevelopment which would expand the retail offering along King and Castlereagh streets.
Savills Australia’s Ian Hetherington, Simon Fenn and Ben Azar, and Cushman & Wakefield’s Josh Cullen and Mark Hansen, have been appointed to manage the expressions of interest campaign expected to attract “all major global investors”.
“Arranged in four rises, it is one of Sydney’s only buildings to offer sky-rise office floors, which enjoy 360-degree views of the Sydney CBD, Darling Harbour, Sydney Harbour and surrounds,” Hetherington said.
Cullen said the projected strong rental reversion would be a key selling point for buyers.
“Coupled with falling vacancy rates, the current market conditions in Sydney are poised to encourage positive rental reversion,” he said.