15/04/2009 - 16:10

Northbridge tax office sold for $95m

15/04/2009 - 16:10

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The Australian Tax Office building in Northbridge has been sold to an overseas buyer for $95 million.

Northbridge tax office sold for $95m

The Australian Tax Office building in Northbridge has been sold to an overseas buyer for $95 million.

Macquarie Office Trust said today it has executed a contract to sell the building on 45 Francis Street, subject to the unnamed buyer gaining approval from the Foreign Investment Review Board.

The trust said the property was sold at a $3 million discount to its book value.

The sale will deliver a $31.6 million profit to Macquarie and a 12.8 per cent annualised return over the 15 years since the trust bought the building.

Funds generated from the sale will be used to reduce the trust's debt position.

"The sale of the Northbridge property is the third significant sale transaction for the Trust this financial year," chief executive Adrian Taylor said.

"Asset sales over the past four months now total $423 million, a considerable achievement given the difficult investment climate."

He added the trust will continue to make further selective asset sales across its portfolio with four US properties currently up for sale.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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