AFIAA: Large-scale leasing in Sydney
AFIAA Swiss Investment Foundation for Real Estate Investments Abroad leases nearly 11,000 sqm of office space in its Australian property Atrium Building at 60 Union Street in Sydney.
The property in the central Pyrmont district is part of the AFIAA Global investment group, which invests directly in prime real estate. The new tenants in the building are The Star Group and MCN Multi Channel Network Pty Ltd, both Australian entertainment and media companies. Savills and the law firm Mills Oakley advised on the lease.
Following the termination of the lease with American Express, AFIAA has set up a comprehensive refurbishment program for the building and will invest around AUD 40 million (approximately CHF 30.8 million). According to Jürg Erismann, Head of AFIAA Australia, this will enable the company to "reposition the property professionally and at an early stage. CPS Crown Project Services is responsible for the overall project management.
As a result of the future high-quality refurbished office and retail space, the company has been able to sign long-term leases with very good tenants and increase office rental income by about 25 percent, Erismann added. The Atrium Building in Sydney is 80 percent leased. Talks are being held with various interested parties for the remaining 20 percent, according to reports.
