Melbourne-based developer Golden Age Group and leading Sydney based engineering firm, Hannas Group has announced its first joint acquisition, purchasing a low rise commercial office building in Sydney’s historic The Rocks precinct.
As part of the group’s strategic push, the developer partnered with the renowned Sydney based engineering firm securing the 7800 square metre building at 85 Harrington Street for $50 million.
The six level 1990s building, only stone’s throw from the harbour, was sold out of the Arena Office Fund portfolio by Colliers International.
Golden Age Group founder Jeff Xu said this joint partnership on this strategic investment opportunity has assisted the developer’s first foray into New South Wales.
“This acquisition represents a major first step by Golden Age Group into Sydney’s thriving property market and forms part of our long term strategic outlook and are proud to be delivering this in partnership with Hannas Group,” Xu said.
“We are currently looking at options for this prime investment site that’s located just steps from one of the most recognisable harbours in the world, and look forward to unveiling our plans in due course.”
Hannas Group Chief Executive Officer, Danny Hanna, said: “This is our first venture with Golden Age Group and our collaboration signals our confidence in Sydney’s property market,” Hanna said.
“Sydney has always held great interest due to its embrace of apartment living and cultural mix. We have been looking for the right site for many years and feel we have found it with 85 Harrington Street.”
“We aim to acquire a number of other sites over the next 12 months and are looking in various capital cities, predominately Melbourne, Brisbane and Sydney where the markets are buoyant,” Xu added.