Wollongong office and retail building sells for $65 million

A landmark commercial office building in Wollongong has sold for more than $65 million, setting a record for the city’s highest commercial office sale price.

The location at 90 Crown Street was purchased by a private Singaporean investor from Avari No.15 Pty Ltd in a deal negotiated by Ben Mostyn, Dominique Ong, James Mulcher and Knight Frank’s Tyler Talbot.

The 7-story A-grade commercial office and retail complex has 9171.6 sqm of rentable space on an area of ​​3754.7 sqm, with ground floor retail space including a tavern and 6 floors of office space.

Eighty buyers have expressed interest, which agents say reflects demand for property in NSW’s satellite towns.

“One of Australia’s growing cities and considered Wollongong’s trophy property, intense buyer competition for this property has resulted in record sales prices for commercial office buildings in Wollongong,” Mostyn said. I’m here.

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According to the Australian Property Council, the Wollongong office market is looking confident, with positive demand for around 11,500 square meters of new office space slated to come online in 2022, and the Wollongong CBD will see employment and strong growth. It is the best place for investment.

Real Estate Council Illawarra Regional Director Michelle Guido said recently that over 8,000 square meters of new office supply has entered the Wollongong market in the past year, demonstrating investor confidence in the Wollongong CBD.

“We are currently experiencing record investments across the city and a growing supply of Grade A office space to attract business and professional services, especially to the Wollongong CBD,” Guido said recently. said.