Offshore investors have taken over $8.3 billion of office property transactions in 2017, accounting for over half of the deals which hit $16.2 billion, making 2017 the third highest year on record.
The most active foreign investors were buyers from Singapore, who constitute 18.2 per cent of deals, followed by Hong Kong and the US. The joint venture between Mitsubishi Estate and CLSA contributes to the total through the $229 million acquisition of 130 Pitt Street in Sydney, which also signals what could become a new wave of Japanese capital coming into this market.
Almost 55 per cent of the 2017 deals occurring across the Sydney office markets were due to the availability of Sydney CBD properties and the potential for positive income reversion. Among the major headlines: Dexus and its wholesale fund took over a half-stake in the MLC Centre for $722.5 million while AMP took close to a half stake in the $1.8 billion Wynyard Place development.
Image source: Ryan Stuart
Article source: http://www.afr.com/real-estate/commercial/foreign-buyers-absorb-half-the-office-deals-in-2017-jll-figures-20180418-h0yx1r
Ray White’s top 10 listings for April: (Click on address to view listing)
Suite 301 & 302, 309 George Street Sydney
Level 2, 1 Barrack Street Sydney
Whole Level 4, 136 Chalmers Street Surry Hills
Suite 7.04, 60 Park Street Sydney
Part Level 12, 88 Phillip Street Sydney
Suite 25.05, 31 Market Street Sydney
Suite 903, 46 Market Street Sydney
Suite 7.02, 62 Pitt Street Sydney
Part Level 15, 175 Liverpool Street Sydney
Part 39, 161 Castlereagh Street Sydney