First Overseas Acquisition
100 Market Street, Sydney
In December last year, Link announced the acquisition of 100 Market Street in Sydney’s central business district (CBD) for AUD683 million. The 10-storey grade A office tower is Link’s first acquisition outside Hong Kong and Mainland China. Brenda Yip from Link’s Portfolio Strategy and Corporate Finance Department shares with us her experience during her visit to the property.
Photo courtesy: JLL
Most office workers commute to Sydney’s CDB by public transport. Adjacent to four metro stations, this new acquisition enjoys excellent connectivity. Having undergone a complete facelift in 2010, the building is chic and modern, and houses three blue-chip tenants.
The CBD is frequented by tourists, as the famous Sydney Opera House is right at its north edge and major parks are close by. Right at the CBD’s centre, the Midtown precinct, where 100 Market Street is located, is a popular business and shopping spot similar to Admiralty and Causeway Bay in Hong Kong. The 100 Market Street tower sits atop the well-known Westfield Sydney shopping centre, with close proximity to Sydney Tower, shopping avenues, department stores and hotels. Sydneysiders are used to starting and finishing their work day early, so shops usually close in the early evening. Given the city’s ethnic diversity, a wide range of cuisines is available here.
With Sydney’s fasting-growing economy, more new office properties have opened in the CBD in recent years, while many existing ones have been renovated and renewed. A new metro line running across the city from north to south with several stations in the CBD is slated for launch in 2024. This will add to the area’s growth momentum.
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