The GPT Group raked in almost $5 million for the sale of two Wollongong properties at an auction on Wednesday night.
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The prominent triangular building housing rooftop bar Humber sold for $1.9 million, while an eight unit red brick apartment block also owned by the shopping centre developer sold for $2.88 million.
The new owners of the building declined to reveal their identity to the Mercury at the auction, but said they had bought the property as a “passive investment”.
The bar operators have a lease on the property until January 2022, plus a five-year option.
GPT’s regional general manager Antony Keenan said the company had sold both properties as they were “surplus to our requirements” and could not be developed as part of the Wollongong retail complex.
“We’re really pleased with the outcome, and I think it shows that the revitalisation of the city has prompted a renewed interest from investors,” he said.