December 19, 2005
In a move away from investing in direct property assets, financial services provider Tower Limited has sold its Milsons Point office building in North Sydney to Australand Holdings Limited for $47.5 million. The company will in future focus investment on a spread of property securities.
Tower has negotiated an eight year lease back term at the property, located at 80 Alfred Street in Milsons Point, directly opposite Milsons Point railway station. The company currently occupies over 60% of the total office area, which is 100% tenanted.
The building comprises three retail shops, four levels of basement car parking and 13 levels of office accommodation, incorporating 10,271 sqm of commercial space. It was completed in 1971 and was extensively refurbished in the mid nineties. Australand have acquired the asset on an initial yield of almost 8%, with potential for long term development.
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