The 12-storey office tower at 299 Elizabeth Street has now been sold by Chinese investors from Sydney Xinhua Zhong and Jingru Lin. The building was originally purchased in 2014 by Zhong and Lin from the Burcher Property Group for $45 million.
299 Elizabeth Street was on the market since November 2017, however was sold privately without an agent to a private investor this week.
The building comprises of 5974sqm with a net rental income of $3.77 million and a weighted average lease expiry of 3.2 years.
It has been suggested that the building has significant potential for residential redevelopment and is located in a precinct to be characterised by apartments and hotels. The development is opposite Hyde Park.
Zhong and Lin are also owners of the Big Bear Shopping Centre in Neutral Bay which is under their investment company JX Capital.
Image and article source: http://www.afr.com/real-estate/elizabeth-street-tower-in-sydney-sold-for-90-million-20180118-h0kcee?btis
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