Ascendas-Singbridge Group has entered into a contract of sale with GDI Property Group on Aug 18 to acquire a Sydney Grade-A office building at 66 Goulburn Street for A$252 million (about $270 million). This works out to be about $1,096 psf, based on a net lettable area of 246,388 sq ft.

The acquisition brings Ascendas-Singbridge’s total Assets Under Management in Australia – including those held by Ascendas Real Estate Investment Trust and Ascendas Hospitality Trust – to approximately $2.6 billion.

Located within the Sydney CBD at the north-west corner of Goulburn and Castlereagh Streets, the building has more than 24 office levels, a ground floor retail space, and 53 basement parking spaces.

Source: CBRE

Strategically located near to public transport nodes and amenities, 66 Goulburn Street is within walking distance of Museum Station on the City Circle line and World Square shopping centre.

Jonathan Yap, chief investment officer and head of real estate funds at Ascendas-Singbridge commented, “66 Goulburn Street represents an attractive investment proposition against the backdrop of office supply removal in the midtown precinct due to residential conversions and limited new office supply across Sydney CBD over the next few years.”