The Clarence Street property has three street frontages, with views through the Sydney’s Central Business District and out to Darling Harbour. Photo: Google Map
ROXY-PACIFIC HOLDINGS, once an entirely Singapore-centric business, is fast developing its property exposure to Australia, with its latest acquisition there being the sixth in less than two years.
An associate of Roxy-Pacific entered into an agreement on 3 Dec to acquire a commercial property at 117 Clarence Street, Sydney, Australia.
The total purchase price, via Feature-Roxy, is AUSD81 million.
An indirect wholly-owned subsidiary of Roxy-Pacific, Roxy-Pacific Investments, owns 50% of Feature-Roxy while the other 50% is held by Feature Trend (Sydney), a unit of Tong Eng Group, a private real estate developer in Singapore.
| Location | Type | Roxy-Pacific’s stake |
Attributable land cost |
| » Landbank | |||
| 64 Peel St & 9 Cordelia St, Brisbane | Commercial & Residential Development | 40% | AUD13.4 million |
| 54 & 85 Bracks Street, North Fremantle | Industrial land; to be rezoned for commercial and residential use | 20.2% | AUD11.9 million |
| 6A and 8 Buckingham Road, Killara NSW | Residential Development | 100% | AUD15.65 million |
| » Hotel | |||
| 609, Wellington Street | A hotel development land parcel to be developed into a 23 level, 332 room Marriott Courtyard hotel | 49% | AUD8.3 million |
| » Investment properties | |||
| 59 Goulburn Street, Sydney | 28-storey commercial building | 100% | AUD90.2 million |
| 117 Clarence Street, Sydney | 14-storey commercial building | 50% | AUD40.15 million |
The Clarence Street property is a 14-storey commercial building, with three street frontages, with views through the Sydney’s Central Business District and out to Darling Harbour.
It is a freehold property with a total site area of approximately 1,190 square metres, and net lettable area of approximately 12,571 square metres.
The Roxy-Pacific board believes the property presents a prime investment opportunity and has potential to be a stable source of rental income for the Group.
