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‘Record-breaking’ commercial property sale reaches completion
Allens has advised a private fund managed by BlackRock and Centuria Property Funds Limited on a “record-breaking” commercial property sale in Sydney’s north.
Emma Musgrave
Firm: Allens (private fund managed by BlackRock and Centuria Property Funds Limited)
Value: $440 million
Area: Real Estate
Key players: The Allens team comprised partners Victoria Holthouse and Marc Kemp, senior associate Matti Bechler, managing associate Charles Ashton, associate Justine Gainsford and law graduate Tamar Ruiz.
Deal significance: The Zenith is comprised of two 21-storey office towers, holding a net lettable area of approximately 44,400 square metres as well as 785 parking spaces.
According to a statement from Allens, the sale of The Zenith represents the largest amount ever paid in Australia for an office asset located outside of the CBD.
“The sale of The Zenith for a record amount of around $440 million reflects a shift in Sydney’s office market with increasing investor appetite for locations outside of the CBD,” said lead partner Victoria Holthouse.
“Sydney’s office market is continuing to grow, yet vacancy rates remain low and supply in metro locations is limited.
“In this environment, we anticipate more investors will begin looking to suburbs such as Chatswood, in Sydney’s north, and Parramatta, in Sydney’s west.”
The sale of The Zenith comes after Allens advised BlackRock and Centuria on their joint acquisition of the Centre back in 2016.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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