Sydney, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Poly Australia launches into the new year by securing the purchase of 59 Goulburn Street, Sydney.
The commercial tower was purchased from SC Capital Partners on behalf its RECAP Fund for $270M. SC Capital Partners retained Fortius Funds Management as its local operating partner from acquisition through divestment.
Located near Sydney’s Central Station in the southern end of the CBD, the 26-storey tower hosts an NLA of 19,470sqm with an average floorplate of 845sqm. The acquisition adds to the developer’s growing pool of assets in their Capital Markets portfolio.
Poly Australia’s Senior Analyst, Ashwin Arumugam said the acquisition highlights a shift in strategy for the global real estate business who announced the new venture into asset management and real estate finance back in 2019.
“Goulburn Street is a golden example of the types of property we’re looking to acquire as we broaden our portfolio. It’s in a premium location, easily accessible to tenants and allows us to some scope to reposition its offerings. On top of that it is in an area with significant reactivation plans with the nearby light rail and tech hub, we see the acquisition delivering well into the long term,” he said.
“We are proactively looking for the next opportunity as part of our accelerated growth plans across Australia, with exploration of prospective acquisitions in leading locations across Brisbane, Sydney, Melbourne and Adelaide as we continue to expand our asset management portfolio.”
Goulburn Street was purchased with approval for redevelopment into a 38-story tower with 407 hotel suites and 90 residential units, retail and office spaces, however Poly Australia does not plan to pursue redevelopment at this time.
With intent to hold the asset, Poly Australia is exploring plans to rejuvenate the offering, including the potential for the revitalisation of the retail precinct, end-of-trip facilities, tenancy upgrades, introduction of public flexible work spaces and a new BMS technology.
The recent asset acquisition at 59 Goulburn Street joins premium global asset 5 Fleet Place, London, in Poly’s Capital Markets portfolio. The British asset located in London’s financial district consists of an NLA of 12,000sqm.
Co-agents James Barber, Adam Woodward and James Mitchell from Colliers International and Simon Storry, Rob Sewell and James Aroney from JLL negotiated the transaction.
For more information on Poly Global vist www.polyglobal.com
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