Dahua Group has offloaded a vacant three-storey office building on King Street in Sydney’s CBD.
Theproperty group bought the corner building at 25 King Street for $4.6 million in 2009 and spent $7.4 million to refurbish it.
The heritage property, which has been vacant for eight years, has now been sold by Andy Hu and Jordan Lee of Savills to a private local investor for $16 million.
The building located on a 278sq m site at the corner of King and Sussex Street offers 969sq m of net lettable area, previously home to the Bank of NSW.
The building’s corner location benefits from high pedestrian and vehicular traffic and the roof top terrace boasts views of Darling Harbour and Cockle Bay.
“This is a landmark boutique building which offers a vast selection of open workspaces, function areas, timber and stone floors throughout and three sides of natural light with amazing water views,” Savills head of Asia markets Andy Hu said.
The King Street transaction follows the recent sale of another heritage building in the CBD at 230 Clarence Street, which sold for $46 million.
Other sales in central Sydney include 19 Harris Street, Pyrmont, being an A-grade office building with seven levels of office space, sold for $143 million through JLL Sydney and Colliers International.
The office component of Impact Investment Group’s 100 Broadway, Chippendale was sold for $70 million through CBRE and Cushman & Wakefield.