Dexus Announces Sale Of 50% Interest In Grosvenor Place, Sydney
November 18, 2020 – Dexus announced that it has conditionally exchanged contracts to sell a 50% interest in Grosvenor Place, Sydney.
The 50% interest comprises 25% owned by Dexus and 25% owned by the Dexus Office Partnership, in which Dexus holds a 50% interest.
Grosvenor Place is a 44-level, Premium grade office tower with ground floor retail, designed by Harry Seidler and built in 1988. The property interest is leasehold with 78 years remaining on the ground lease.
At 30 June 2020, the property was 89% occupied and had a weighted average lease expiry of 3.4 years.
Major customers include Deloitte and Wilsons Parking. Dexus acquired an initial interest in Grosvenor Place in 2013, with the investment generating an unlevered annualised total return of circa 12% since acquisition.
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