SC Capital Partners on behalf of its RECAP Fund announced it has contracted with Poly Australia to sell its interest in 59 Goulburn Street, Sydney, for A$270 million ($182 million).
Built in 1973, the 26-story office tower has a net lettable area of 19,470 square meters (210,000 square feet). The sale reflects an initial yield of 4.9 percent and $13,867 per square meter, setting a new benchmark in Sydney’s Southern CBD precinct.
Singapore-headquartered SC Capital Partners continued its successful collaboration with Fortius Funds Management by executing a targeted refurbishment and lease-up strategy. Since acquisition in 2017, the building underwent upgrades to the ground-floor foyer, lift lobbies, bathrooms and end-of-trip facilities.
Recently, SC Capital Partners in Australia made acquisitions totaling more than $500 million, including 412 St. Kilda Road, Melbourne; Finlay Crisp Centre Canberra; Central Park Mall Sydney; and 2 Wentworth Street, Parramatta.
