Sydney's Space 207 Expected To Fetch $165 Million +


The Blackstone-controlled Valad Property Group has partnered with fund manager Primewest to sell Space 207 in Sydney's St Leonards, with the building expected to earn more than $165 million.

The sale is part of an eight-asset portfolio spread across NSW, Victoria, Queensland and Western Australia worth an estimated $530 million that the fund manager has put on the market, according to the Australian Financial Review. 

CBRE is leading the sales for the Primewest assets, with the 100% interest in the A-grade building being marketed by CBRE and Knight Frank.

Speaking to the Australian Financial Review, Primewest co-founder John Bond believes the portfolio will be offered individually or in one line.

"With low interest rates, a relatively strong economy and a great diversity of property markets across the country, Australia is a very appealing destination for international investment," Mr Bond said.

[urbanRelatedPost][/urbanRelatedPost]"There are strong economic fundamentals, good borrowing conditions, very little risk, and diversity - this portfolio is well packaged to meet all these criteria."Space 207 comprises two office buildings with 18,324 sqm of office space and 1540 sqm of ground floor retail space.

Knight Frank agent Richard Horne believes the buildings will appeal not only to overseas clients but many domestic buyers as well.

"We've experienced on recent campaigns that the hottest money is coming out of Asia, and we expect considerable interest [from there], but given the location and asset class of Space 207 we expect local interest as well," Mr Horne said.

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