Lian Huat Group sells another slice of One Dixon shopping centre for $24 million
Singapore property group Lian Huat Group has sold down another 2500 square metres of its retail strata holding at the building it developed, Sydney Chinatown’s One Dixon shopping centre, for $24 million.
The prominently located property, home of the former watering hole Mandarin Club and now comprising four separate retail strata units, was purchased by a Chinese investor based in Hong Kong.
The four separate strata properties are leased to restaurants and a gaming entertainment business.
The acquisition closed at a net yield of just over 5 per cent.
Lian Huat built the centre alongside Harbour Garden Towers apartments at 1 Dixon Street about 15 years ago. The retail centre occupied the podium levels of the 193-unit Harbour Garden Towers now quickly becoming overshadowed by the higher and newer residential precinct, Lendlease’s Darling Quarter across the road.
Over the years, Lian Huat has slowly sold down its holding of the strata units in the 30,000 square metre centre to private investors. Before the sale of the 2500 sq m block, the group owned about 15 per cent of the property’s strata.
Lian Huat, which also developed Sydney’s Hyde Park Towers, is now less active in Sydney and has turned its attention to Brisbane.
It is the biggest shareholder behind the ASX-listed property development group Land & Homes Group, which has purchased 100 Barry Parade, Fortitude Valley, and 207 Wharf Street, Spring Hill, in Brisbane, for apartment development.
Knight Frank’s Dominic Ong and Colliers International’s Steam Leung brokered the sale but declined to comment.
