Fund Summary
Heritage listed, prime 5 level office building with 4,925m2 of NLA and 18 car spaces in Australia’s top performing office market in the Sydney inner fringe. The fully refurbished property is currently 100% leased to Hub Australia with a WALE of 3.4 years around 20% below the prevailing market rent. Already rated 5.5 star NABERS with improvements planned.
The Forza Liverpool Street Fund acquired the former Winn’s department store on the boundary of Darlinghurst and Surry Hills on the edge of the Sydney CBD. Fully refurbished in 2017, the heritage listed prime office building has NLA of 4,925m2 over 5 levels and 18 car parks. It is currently rated 5.5 star NABERS and Forza will target 6 star with rooftop solar and full electrification.
223 Liverpool Street represents one of the few prime assets of scale in the top performing Darlinghurst/Surry Hills fringe office market. It is rare for an opportunity such as this not to be immediately snapped up by private investors or corporate occupiers securing a long-term footprint.
Purchased off market for $64,500,000 or $13,392m², the building is currently 100% occupied by Hub Hyde Park with a WALE of 3.4 years and resides on a freehold land parcel of 1,535m² with frontage Liverpool Street and unique entrance and pedestrian walkway to Oxford Street on title. The passing rent is approximately 20% under the prevailing market rent with an uncapped market rent review.
Sydney’s inner fringe is the best performing office market in Australia with Darlinghurst/Surry Hills combined markets recording only 3% vacancy and rental growth of 8% over the past 7 years. Darlinghurst and neighbouring Surry Hills offers unparalleled amenity and is a highly sought after technology, VC and creative cluster.
