20 February 2024
By Hannah Wilcox
One of North Sydney’s older office blocks has been sold to a Singaporean investor in a quiet multi-million dollar handoff.
The 18-storey A-grade tower, located at 124 Walker Street, was sold to Ho Group by Dexus for $95.5 million.
It was settled with a 20 percent discount, having been valued at $120 million in June 2023.
Built in 1974, the building was recently refurbished in time for the opening of the nearby Victoria Cross metro station.
The sale was completed to help meet redemption requests on behalf of its $2.3 billion open-ended Wholesale Australian Property Fund, which Dexus inherited from AMP Capital.
Investors were told they would have to wait up to 12 months for redemption requests to be met, IPE Real Assets reported.
An asset sales program was being implemented by the manager to raise capital but difficult market conditions saw the divestment taking longer than expected.
The sale was brokered by Stanton Hillier Parker’s Bevan Kenny and Shirley Fan, Real Commercial confirmed.
124 Walker is set to be leased out by the new owners to join the current 22 tenants occupying the block; including software solutions provider Professional Advantage and educational software firm, 3P Learning.