Thakral sells 120 Sussex Street for $41 million

Thakral sells 120 Sussex Street for $41 million

15-Aug-2007

Thakral Holdings Group today announced the agreed sale of 120 Sussex Street to LIF Pty Ltd (as trustee for Local Government Property Fund) for $41 million.

Thakral purchased the 10-storey office building in 2004 for $25 million. Over the past two and a half years, the Group has undertaken refurbishments and transformed the property into an attractive, contemporary office space. After costs (including acquisition costs), the sale generated a net cash profit to Thakral of $11.5 million.

In addition, considerable improvements have been made to reduce the building’s environmental impact, including the installation of low voltage T5 lighting, power efficient cooling towers and water saving sensors in the bathrooms.

Thakral’s Managing Director, John Hudson, said the deal demonstrated the ability of Thakral to buy well and maximise returns of assets through high quality redevelopments and refurbishments.

“We bought 120 Sussex Street with a view to capitalising on the considerable development opportunities the building offered while taking advantage of the planned improvements in the western corridor of the Sydney CBD. Today, following the redevelopment of much of Sussex Street, there is strong demand for investment grade property as it is becoming the home for a number of Australia’s leading companies,” he said.

The Sussex Street sale is scheduled for completion on 16 August 2007. CB Richard Ellis, acted as the agent for the deal.

Please provide us with your confirmation of release announcement.

Yours faithfully

 
Andrew Horne
Group Company Secretary

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