Dexus today announced that it has conditionally exchanged contracts to sell 105 Phillip Street, Parramatta.
The property has been sold for $229 million to a Charter Hall joint venture at an implied cap rate of 5.3%. A portion of the proceeds will be received in May 2017 contributing to FY17 trading profits. The remaining proceeds will be received on practical completion of the development in mid-2018, contributing to FY18 trading profits.
The property has been pre-committed on a 12 year lease with Property NSW and as part of the sale agreement, Dexus is responsible for the delivering the development and will be the property manager for five years post completion.
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