Real estate investor and manager Cromwell Property Group (ASX:CMW) (Cromwell) settled the sale of its 50% stake in Northpoint Tower for $300 million on Monday 23 September.
Cromwell Chief Executive Officer, Paul Weightman, said, “In line with our ‘Invest to Manage’ strategy, we are continuing to recycle capital from assets where we have already added significant value, such as Northpoint Tower, to new opportunities such as 400 George Street.
“This enables us to build enterprise value through the creation of new funds with capital partners,” concluded Mr Weightman.
Originally constructed in 1977, Cromwell acquired its stake in Northpoint Tower for $139.35 million in December 2013. Reflecting the North Sydney Council’s vision for the Lower North Shore, Cromwell lodged a Development Application in December 2014 for an integrated retail, dining and leisure precinct. The redevelopment reached practical completion on time and on budget in March 2018.
The redevelopment was designed to meet the needs of the ever-growing professional population in North Sydney. The lower level of the revitalised precinct focuses on convenience retail while the upper level is dedicated to dining and leisure, inclusive of a rooftop bar.
An eight-storey, 187-room Vibe Hotel was also constructed, complete with conference facilities, as well as a rooftop pool and gym.
Last week, Cromwell’s acquisition of the A-grade 400 George Street in Brisbane for $524.75 million also settled.