AMP Capital picks prime Sydney CBD space

Specialist investment manager, AMP Capital Investors has bought a prime Sydney central business district space located at 50 Park Street specifically for its Select Property Portfolio No. 3 fund.

The building is strategically found next to another of the Fund’s 2009 acquisitions, 54 Park Street, a property now with various?lease extensions implemented since it was bought.

AMP Capital Investors Head of Opportunity Funds, Dale Phillips said; “One of our strategies in relation to the Select Property Portfolio funds is to buy well located assets in established markets which offer value add opportunities. The 50 Park Street acquisition meets our investment criteria in terms of opportunities to enhance income and is expected to deliver strong performance.”

“Demand for well priced office space remains strong in Sydney’s CBD, especially on the Eastern side of the city. This property’s location continues to improve with the development of Westfield Sydney only a block away and the new ANZ head office under construction directly across the road. Given its corner location, 50 Park Street provides us the flexibility to consider consolidation with 54 Park Street enhancing future opportunities,” Phillips said.

Located on the corner of Park and Castlereagh Streets in the heart of Sydney’s CBD, the 12 storey commercial building has a net lettable area of 2,188 square meters including a ground floor retail tenancy of 122 square meters. The recently refurbished property is close to Sydney’s premier shopping precinct and enjoys views over Hyde Park from the Park Street frontage.