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Bridge Street stakes sells for $24m
Released 9 February 2011

Diversified property group FKP has sold its 48% stake in 17-19 Bridge Street Sydney for $24 million.  

The boutique 11-level commercial office building is located in the heart of the CBD, across the road from the Australian Stock Exchange.

FKP secured its stake in the building in July 2007 and refurbished the offices with upgrades to all of the floors, creating a new lobby and lifts, as well as new mechanical, plant and fires services.

The FKP holding in the building included a net lettable area of 2,728sqm, 11 car park spaces and existing tenants including CommVault.

Executive General Manager Commercial and Industrial Andrew Hall said a lot of work had gone into the refurbishment of the property and it was pleasing to see the FKP holding purchased for a price that reflected the quality of that work.

“FKP specialises in adding value to buildings through well thought out refurbishments and the securing of high quality tenants,” Hall said.

“In this case it was a matter of recognising that we had maximised the value of the property and had received a very attractive offer to sell it.”

In the past eight months FKP has sold repositioned and refurbished managed fund assets including 18-24 Chandos Street St Leonards, 579 Harris Street Ultimo, 171 William Street and 56 Clarence Street Sydney.

Up until 6 months ago the Bridge Street property hosted the Sydney headquarters of FKP. The company moved into new premises at 99 Macquarie Street at the end of June 2010.