Wollongong’s iconic glass building at 90 Crown Street has sold for $43.9 million to a Melbourne based funds management group.
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The building, which houses the popular nightspot Mr Crown and Services NSW, was purchased in 2005 for $30.675 million.
It will be a good investment for its new owners with the property fully leased and delivering an estimated annual income of $3,636,018.
Centuria Property Funds, who sold the asset, said it set a new record for Wollongong commercial property in regards to the rate per square metre.
It comes after a South African company purchased the Navy Hydrographics Building on the corner of Station and Burelli Streets for $13.6 million in April.
Desiree Savage
At the helm of Australia's premier publication for people aged over 55, covering hard hitting issues, travel, lifestyle and entertainment. Got a hot tip? Email me - edit@TheSenior.com.au
At the helm of Australia's premier publication for people aged over 55, covering hard hitting issues, travel, lifestyle and entertainment. Got a hot tip? Email me - edit@TheSenior.com.au
