Lendlease has finalised the sale of two of Sydney’s newest CBD buildings, The Exchange at Darling Square and 35 Barangaroo Avenue on Barangaroo South’s waterfront. Separate investors acquired the two buildings in deals negotiated by CBRE.
Sharon Yang, Senior Director, CBRE said “In both cases, the bidding was highly competitive, underpinned by the buildings’ unique design premier location and strong tenancy covenants.
“The buyer demand – and acquisition of The Exchange by a first time Australian investor, highlights the continued strong interest in well-located commercial assets that offer strong cash flows and future rental upside.”
Suspended artwork by Sydney artist Nike Savvas hangs over Marker’s Dozen marketplace inside The Exchange
A total of eight bidders were in the hunt for The Exchange, a 6,083m2 building designed by world renowned Japanese architecture firm Kengo Kuma & Associates, the community and retail hub at the heart of Lendlease’s Darling Square precinct.
Located at the site of the former Sydney Entertainment Centre, the six-storey building, which opened in August this year, is wrapped in almost 20 kilometres of timber and includes a ground floor market hall, mezzanine restaurant XOPP by Golden Century Group, two-level City of Sydney library and childcare facilities.
Darling Square is a new neighbourhood including around 1,500 apartments, more than 70 retailers, a commercial building occupied by over 3,000 Commonwealth Bank of Australia employees and a new public square.
Barangaroo House, designed by Australian architecture firm Collins and Turner
35 Barangaroo Avenue sits on the waterfront at one of Sydney’s premier harbourside addresses. The striking building includes three-levels leased by hospitality group Solotel. Eight bidders pursued the 1,490m2 building.
Designed by Australian architecture firm Collins and Turner, the award-winning building consists of a bar on the ground floor, restaurant on the first floor and a rooftop bar.
Commenting on the sale, John Burton, Managing Director, Urban Regeneration, Lendlease said “The outstanding design, mix of uses and prime location of both buildings draws Sydneysiders and visitors alike. The sale of these buildings is consistent with our strategy to leverage Lendlease’s integrated property capabilities to deliver high quality urban regeneration projects that enhance value for our securityholders and partners.”
Barrangaroo Waterfront, Sydney
On completion, Barangaroo will be home to more than 23,000 workers and residents, and accommodate thousands of visitors every day. The precinct brings together commercial office space, retail, community and leisure uses, apartments and a luxury hotel – Crown Sydney Hotel Resort, and is committed to becoming carbon neutral and water positive.
