ASX Announcement re Acquisition of 120 Sussex Street, Sydney

ASX Announcement re Acquisition of 120 Sussex Street, Sydney

07-Sep-2004

Thakral Holdings Group today exchanged contracts to acquire 120 Sussex Street, Sydney for a purchase price of $25 million.

The building is a modern 10 storey office building of approximately 6,500m2 lettable area and is currently 90% leased with only the top floor recently vacated.

Thakral have acquired the property with a view to subsequent strata sale.


Commenting on the acquisition, Thakral’s Managing Director, Mr John Hudson, said:

“The property is well located in the western corridor of the Sydney CBD with good views over historic buildings and Kings Street Wharf to the west. With the redevelopment of Kings Street Wharf, the new 70,000m2 Westpac headquarters and increasing development in Hickson Road, we believe this building is well placed to take advantage of improvements in this area of the CBD which when coupled with an expected improvement in CBD rentals in late 2005 should result in strong returns to Thakral.”

“120 Sussex Street is expected to deliver a satisfactory running yield to our shareholders, provide an increased diversification by enhancing Thakral’s non-hotel assets while also providing medium-term development opportunities.”

Please provide us with your confirmation of release announcement.

Yours faithfully



Andrew Horne
Group Company Secretary

Further information:

John Hudson                  Telephone: (02) 9272 8888
Managing Director             Mobile: 0417 266 744

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