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CBRE agent for Clarence Street
Released 11 November 2010

CB Richard Ellis has been appointed as the exclusive selling agent for the 55 Clarence Street office tower in the western corridor of the Sydney CBD.  

Allianz Australia is moving to sell its remaining landmark Sydney CBD property in a move tipped to attract significant local and international buyer interest.

CBRE’s Josh Cullen and Rick Butler will steer the off market Expressions of Interest campaign, closing 12 November.

“We expect the campaign to attract interest from private players, national groups and international investors, predominantly Asian groups who have a genuine appetite for this type of offering,” Butler said.

“There is significant demand in the $30 million to $100 million price range given the improving market fundamentals and lack of quality stock that is formally available in the Sydney CBD.”

The Clarence Street building offers 14,962 sqm of office space over 17 levels, along with basement parking for 84 cars. The property offers three street frontages, ensuring that all floors receive excellent natural light and offer CBD views.

The building is 98% leased to a diverse mix of high profile tenants including AAPT, Allianz Australia and Gray & Perkins Lawyers.

“The staggered lease expiry profile means the building is perfectly positioned to capitalise on Sydney’s forecast office rental growth,” Mr Cullen said.

“Another drawcard for prospective purchasers will be the property’s location at the northern end of the city’s western corridor – an area that is set to benefit from the development of Barangaroo. The estimated rentals that Barangaroo will command and the current level of interest from major tenants will augur well for surrounding buildings such as 55 Clarence Street and will greatly improve the amenity of this precinct.”