The commercial sale of a complex in Pyrmont has set a new record for the city, after a raft of major office buildings were pulled off the market earlier this year.
Swiss based AFIAA Foundation for International Real Estate Investments has bought The Atrium complex from Charter Hall Group’s wholesale office fund for $137 million.
According to a report in The Australian Financial Review, the building was sold for an initial yield of 7.35 per cent.
Charter Hall Group’s joint managing director David Harrison said the sale was a positive sign for the industry at large.
“The sale of Atrium signals renewed investor interest and highlights that the gap between vendor and purchaser expectations has closed on good quality assets,” he said.
The sale is the first purchase made by AFIAA in Australia, however, the company is expected to snap up several other properties as part of its global plans.
Atrium is spread over seven levels and comprises 16,800 square meters of office space, a 3000 square meter retail arcade and includes car parking for 188 cars.