In the face of international competition, including the cash-rich Japanese corporations, a company associated with the Bond Corporation have bought one of the more prestigious sites in the central business district of Sydney, Australia.
The site — at the Commonwealth Centre, Chifley Square — was sold for $A306m, which is equivalent to $A47,500 per m2.
Bond are looking at the prospects for a commercial development of the site, which was sold by tender.
Eleven bids were received, including both Japanese and US interests.
Colliers International were the selling agents in the transaction.
At the same time, Colliers were also agents in the sale of a Sydney Harbour waterfront property at Point Piper for $A11.5m.
This sale is believed to be the Australian record for an individual home.
Fortunately, the deal was completed just in time for the new owners to witness the replay of the arrival of the First Fleet 200 years ago.
