Edgecliff Centre sold at $138 million to Longhurst Group
The Longhurst Group, has made its first purchase, buying the Edgecliff Centre, in Sydney's eastern suburbs for $138.75 million.
Longhurst, which is backed by local investors, is headed by former Mirvac executive, Paolo Razza.
The 1970s Edgecliff Centre consists of retail space plus a six-story office building, with a total floor area of 10,845 sq m.
The sale on the current income reflects a yield of 3.72 per cent.
It was sold by Hong Kong-based vendor, Lee Tai Enterprises. The adjoining East Point is owned by the Pollack family.
Longhurst has a further $500 million to invest.