Marprop caps off busy Year - Wise McBaron Communication

Wednesday 26 November 2O14
www.afr.com I The Australian Financial Review
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Marprop caps off busy Year
c#fteietesGeorge
MercedesRuehl
Sydney-based real estate firm Marprop
has bought a Norttr Sydney office tower
Charter HallGrouP is firming
buyer of275 George Street in
CBD for about 550 million'
for $45 million, oneofthefinal assetsleft
in the Altis Property Parftrers portfolio
whichhitthe marketearlierin theyear.
Number 2 Elizabeth Plaza, located
interested Partieswanting to h.r
office building, which is beirg sd
group La5alle lnvestment lvlar4
Brookfi eld ffi ice Properties r
in due diligence to buY 6O Gnir
Svdnevtrain station, is80 percentleased
and the transaction reflects a passing
-leld ofabout8Percent
Thel2-levelbuildinghasanetlettable
Street on the same block forjld
5120 million, had also made a till
area of approximately 8000 square
meffes with a mixture of national and
multi-national tenants.
asset.
A number of hotel grcx-rPs
expressed interest in 275 Georgr
but it is Charter Hall that lra adr
ahead ofthe Pack, sourcestoU I
*
Marprop, a Property investment'
development and advisory firm said
there is significant value add potential
and intends to reposition the asseL
a
busyyear
FinandalReview.
Charter Hall declined to
for Marprbp and comPlements the
$600 million in development management work we are currently undertak-
jroup marketing the bcxrtil-ec
retail property, also dedined to
Marshallsaid.
'We remain on the lookoutfor quality
develoPment
opportunities to support our strategic
growthagenda"
The property was marketed bY
Bwan
Kenny and Chris Veitch ofChesterton
International and James Barber and Jon
Chomleyof Colliers lnternationaL
Marprop, which is owned bY Mr Marshall and long-timer CEO of Charter Hall
Group Andie Biet has a number of
qn
and Colliers lnternational,tle re
ing," MarpropManagngDirectorJames
properties and
1
The Australian Finano'al R*re
revealed earlier in Novembertfu
listed propertY grouP was in tle t
near GreenwoodPlaza and the North
'The acquisition caps off
e
tlr
million'
tvtarprop tras Uough number2 Elizabeth Plaza in North Sydneyfor 545
projects in the pipeline. This includes the
ne* eustrallan headquarters for Swiss
pharmaceutical giantNovartis.
It
bought 93 George Street in
Parramaua earlier intheyear for $29 million andhas entered into contracts to sell
apropertyinTopRyde.
Miwac acquiied five industrial assets
out of the Alitis portfolio earlier
inNovember.
Altis, which manages over $700 million worth of property, remains active
in the market seeking office
industrialassets.
Bloomer builds a new listing
and
comment.
The building has ZJ0O sq.-st
ofoffice and retail and over16d
tenants. lt has a fultY leased Pot
income of morethan 54.6 nffc
A numberof office buildir4s
Sydney are in the Process
including 35 Clarence Street, G<
House at I Alfred Street ard a S
ofki
16l Castlereagh
MERCEDES RUEHL
Street