logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Singapore
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
+65 6224 8181
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Global Investors)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Office
      • Retail
      • Industrial & Logistics
      • Data Centres
      • Hotels
      • Japan Desk
      • Residential
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Capital Advisors
      • Consulting
      • Host
      • Investment Accounting & Reporting Solutions
      • Leasing & Advisory
      • Project Finance
      • Property Management
    • Services for Occupiers
      • Enterprise Facilities Management
      • Host
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Project Finance
      • Transaction Management
      • Workplace
  • Properties
    • Office
      Retail
      Industrial
      Flexible Office
      Residential
      Shophouse
      Hospitality
  • Research & Reports
    • About Research
      Singapore Research Archives
      South East Asia Research
      Asia Pacific Research
      Global Research Gateway
      Global Research Gateway Support
  • People & Offices
  • About CBRE
    • Careers
      Client Tools
      Corporate Information
      Corporate Responsibility
      Case Studies
      Investor Relations
      Media Centre
      Asia Media Centre
      Expert Opinions
      CBRE 60 Anniversary

Next

CBRE's comments on URA's Q1 2021 real estate statistics
  • Five Australian office properties listed for sale by TrustCapital Advisors

Five Australian office properties listed for sale by TrustCapital Advisors

Singapore | July 19, 2017
  • Email
  • Share
  • Tweet
  • Share

Sydney, July 19, 2017 – Singapore-based TrustCapital Advisors (TCA) has commenced an official marketing process to sell five office assets along Australia’s eastern seaboard in a move expected to raise circa $700 million.

CBRE and JLL will steer the international Expressions of Interest campaign for the properties, which are held across two private equity funds managed by TCA.
The assets – 150 Charlotte Street in Brisbane; 50 Pitt Street in Sydney; and 469 La Trobe Street, 850 Collins Street and 575 Bourke Street in Melbourne – are being sold in accordance with the funds' strategy and intended timeline.

Expressions of Interest will close 23rd August 2017, with the campaign expected to generate significant interest from both domestic and offshore investors. The assets will be available individually, as an entire portfolio or as a split combination of assets. “This is the best quality east coast portfolio that’s come to the market in relation to quality, geographic spread and scale,” Mr Coster said.

“For portfolio buyers, the campaign provides an opportunity to gain obtain immediate scale with prime assets across Australia’s three major cities. Strong interest is also expected in the individual assets, which are each well positioned to capitalise on market conditions in their particular locations.”

JLL’s Mr Sewell added, “Over 85% of this collection of prime office assets is weighted to Sydney and Melbourne, which are rated by JLL as the world's top 2 best performing office destinations. Brisbane, meanwhile, is positioned for an upswing in tenant demand as a result of the many public and private infrastructure projects that are now underway, with 150 Charlotte Street set to benefit given the building’s proximity to these projects.” In the case of the Melbourne assets, the 19,864sqm 469 La Trobe tower provides a strong income growth story and the need for minimal capital expenditure. The recently upgraded tower is situated in one of one of Melbourne’s best performing precincts, which is being enhanced by the westward shift of the CBD towards Docklands.

“The building benefits from a diverse tenant mix, full occupancy, a strong history of tenant retention and strong potential for near term rent reversion,” CBRE’s Mr Coster said. With 850 Collins Street, Mr Coster said buyers had an opportunity to secure a new, 17,337sqm A-grade building in Melbourne’s Docklands precinct, providing a high-quality income underpinned by global tenant Aurecon.

The campus style building offers large, flexible floor plates, expansive end of trip facilities and has been designed to achieve a 4.5 star NABERS rating when fully let. There is also potential to add further value to the property, with the ability to reconfigure the retail to include a quality F&B offering.

Rounding out the Melbourne assets is 575 Bourke Street - a multi-let, refurbished office asset positioned at the heart of the Melbourne CBD’s western core. The 16,152sqm building has capital works underway which will deliver a double height entrance foyer, new end of trip facilities, significant sustainability initiatives and a 4.5 star NABERS rating. “These measures will future proof the asset, improving tenant attraction in the future while driving rental growth,” Mr Coster said.

Turning to Brisbane, the 11,011sqm 150 Charlotte Street tower offers a quality cash flow and long Weighted Average Lease Expiry (WALE), in addition to the opportunity to secure a relatively high yielding investment opportunity.

Located in Brisbane’s sought after Golden Triangle, the building is home to several major tenants, including Rio Tinto. It is the first A grade institutional quality asset of its size to be offered to the market since Central Plaza Three in 2013.

“In the current cycle, the building is well positioned to capitalise on the recovering Brisbane leasing market, given the major lease expiries are in 2024. It provides an opportunity to buy a long WALE, core CBD product at an initial yield unattainable in other major east coast markets,” JLL’s Mr Sewell said.

Completing the line-up is 50 Pitt Street, Sydney, which occupies a super prime corner, with value add options, growth potential and the need for minimal capital expenditure. “Circa $20 million has been spent on the property since 2008, with the most recent capital works helping to achieve a 4.5 start NABERS energy rating. The multi-tenanted building is also poised to benefit from the diminishing supply of B-grade office stock in the Sydney CBD, substantial upside in the rents and the potential to construct additional retail space,” Mr Sewell said.



Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.

Media Contacts

Geraldine Cheong
Geraldine Cheong
Associate Director
Singapore
Marketing & Communications
+65 63261246
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • People & Offices
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Policy
  • Singapore Privacy Policy
  • Sitemap
  • Disclaimer
  • Terms of Use
  • LinkedIn
  • Twitter
  • Youtube
  • Facebook
  • Instagram