MERITON'S OFFICE STRATA SELL OFF

Residential developer Meriton Apartments is offering the office component of its Rialto building in Sydney for sale for the first time for $24 million.

Rialto, located at the corner of Pitt and Bathurst Streets, is a 42-storey building comprising serviced apartments, retail tenancies at ground level and commercial suites which were completed in mid-2005.

The Rialto offering includes 43 individually strata titled suites on a fully leased basis. Stacks Family Law, Decisive Publishing and Reliance Communications are some of the established tenants.

Ray White Commercial's John Skufris assisted Meriton with many leasing transactions at the building and said the office suites represented a prime CBD investment opportunity.

"The Rialto offers commercial tenants a wonderful selection of open plan and fitted out suites," he said.

“These commercial offices are to be sold in one line and they are fully tenanted with long secure leases with annual increases.

“Features of the building include exclusive use balconies, independent air conditioning, basement parking plus gym and pool facilities.

“There’s also a business centre and on-site concierge. All of this is located within a two minute walk to Town Hall station."

James Sialepis, Sales and Marketing Manager for Meriton, said: “With Rialto now fully leased and with many established tenants exercising their options to stay on, we believe that now is the right time to offer this prime investment opportunity to the market. Meriton is also willing to finance the sale with its own vendor finance, at a rate that is competitive with any of the banks."

ENDS

Further inquiries:

John Skufris
Ray White Commercial Director (Office Leasing)
Mb: 0414 969 221
Email: jskufris@raywhite.com