Westpac Banking Corp mulls offloading another Sydney building

Westpac Banking Corp is said to be considering a reorganization of its property holdings in the Sydney Central Business District.

McVay Real Estate is understood to have been tapped by the bank to assess the sale of 314-318 George Street. If the deal proceeds, the transaction will also include ATG Properties’ 312 George Street. Sources claim that the properties together could sell for $70 million to $100 million.

The major banks, preferring leasing over owning, have considered taking large property holdings off their balance sheets in the past two decades.

Image Source: AAP

Article Source: http://www.afr.com/street-talk/westpac-banking-corp-mulls-offloading-another-sydney-building-20180304-h0wzej?


Ray White’s top 10 listings for March: (Click on address to view listing)

Part Level 2, 99 Elizabeth Street Sydney

Suite 7.01, 62 Pitt Street Sydney

Suite 7.04, 60 Park Street Sydney

Suite 7.02, 62 Pitt Street Sydney

Part Level 22, 25 Bligh Street Sydney

Level 6, 23 O'Connell Street Sydney

Level 14, 77 King Street Sydney

Level 4, 86 Liverpool Street Sydney

Lower Ground, 27 Macquarie Place Sydney

Terrace, 40-42 Young Street Sydney