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Sydney hospital site selling for A$100M

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Sydney hospital site selling for A$100M

Private developer Corim East Sydney is selling a mixed-use development comprising a hospital and 22 high-end residential apartments at 75 Crown St. in Sydney's Woolloomooloo for over A$100 million, The Australian Financial Review reported.

The former six-story City Ford showroom and headquarters site, which was sold to Corim East Sydney in 2011 for A$16 million, was originally developed for Hastings Deering in 1938, according to the Oct. 10 report. Corim East Sydney transformed the site into a mixed-use project and has now mandated LJ Hooker Commercial Silverwater director Marcel Elias to manage the sales campaign.

The 9,254-square-meter building, with 72 car spaces, generates a net annual income of more than A$5 million and houses tenants like Woolworths and the East Sydney Private Hospital, among others. It has a weighted average lease expiry of over seven years, the AFR added.