Mintus swoops
In a series of sales totalling $350 million, private investors are showing their appetite for office deals.
The private Mintus group has swooped on 10 Smith Street, Parramatta, after striking a deal with giant fund manager ISPT to take control of the building for $82 million.
10 Smith Street, Parramatta.Credit:
Nearly every major commercial asset on the Smith and George Streets block has changed hands over the past 15 years, transforming the location.
The shift began with the $48.3 million sale of 25 Smith Street in 2010, followed by 18 Smith Street which changed hands for $84 million in 2016, the $87.25 million sale of 20 Smith Street in 2022, and most recently, the $50 million sale of the corner block at 75 George Street in 2024.
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Mintus’ purchase will add to its other Parramatta asset at 140-150 George Street which it bought from the Dexus Office Partnership for $154 million in 2022.
10 Smith Street is an 11-storey, five-star NABERS-rated A-grade office tower with a net lettable area of 13,368 square metres, along with 165 car spaces for a strong mix of government and corporate tenants.
Colliers’ John McCann and James Mitchell advised on the sale.
Office sale
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Boutique investors Titanium Property Investors have raised $32.6 million through the sale of an office tower in the city fringe.
Another private investor snapped up the site at 79 Commonwealth Street in Surry Hills, which is in one of Sydney’s most tightly held fringe markets.
It sits at the doorstep of both the CBD and the Oxford Street cultural, dining and entertainment precinct.
The tower, on 380 square metres of land with 221 sq m of floor space, is 85 per cent leased and sold on a yield of just over 4 per cent. There are multiple value-add strategies to drive tenant amenity and rents in the building, said Knight Frank and JLL who are advising on the sale.
With panache
Panache Hotel Group has marked a major milestone in its expansion, announcing the signing of The Sebel Sydney Chatswood, its first Sydney property.
Panache Hotel Group has taken over management of The Sebel Sydney Chatswood.Credit:
Under the deal, Panache will assume management of the apartment hotel, strengthening its partnership with Accor and adding another renowned brand to the group’s growing portfolio alongside Peppers Docklands Melbourne and Mantra on Hay Perth.
External hotel management is a fast-growing addition to the sector as it alleviates the back-of-house costs for the hotel’s operator and makes for a more efficient, centralised platform.
“Sydney has always been key to our growth story,” said Wilson Bao, chief executive of Panache Hotel Group.
Contact carolynannecummins@gmail.com
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