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The office building above a popular Wollongong night spot Mr Crown has again achieved a ‘record sale’, according to a real estate firm, after changing hands for the third time in six years.
Property consultancy Knight Frank announced the “record sale” of 90 Crown Street for more than $65 million on Saturday: “the highest ever commercial office sales transaction for the city”.
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The property was purchased by a private Singaporean investor firm Avari No. 15 Pty Ltd following an Expressions of Interest campaign.
“The intensity of buyer competition for this asset, which is considered to be Wollongong’s trophy asset, in one of Australia’s growing cities resulted in a record sale price for a commercial office building in Wollongong,” Ben Mostyn of Knight Frank said.
“The location of this well-known building was also a huge drawcard, being positioned amongst the best retail and entertainment amenities Wollongong has to offer while also providing excellent access to the public transport network.”
The building also has 160 car spaces over two levels. The highly specified building, which has a 5.0 Star NABERS Energy Rating, is fully leased to multiple tenants, including government tenants, being the regional headquarters for the Federal Government’s Services Australia and NSW Government’s Transport Department.
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Dominic Ong from Knight Frank said Wollongong was an increasingly sought after market for investors many were being priced out of the Sydney and major metro markets.
In 2019, property data shows it was sold to an unknown party for $50,380,000 before hitting the market again in February 2022.
In late 2016, Centuria Property Funds sold its commercial office property at 90 Crown Street.
The gross sale price was $42.1 million to Auslink Property Holdings, according to a Pricefinder property report.
The site was bought in 2005 for $30.675 million.
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I write about arts and entertainment, plus other bits and pieces in between at the Illawarra Mercury.
I write about arts and entertainment, plus other bits and pieces in between at the Illawarra Mercury.
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