Iconic Wollongong office building up for sale

90 Crown Street is listed by Knight Frank and will be sold through an international expressions of interest campaign.

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The A-grade commercial office and retail complex was purchased in 2018 for over $50 million by Avari Capital and set the record for a commercial building in the region at the time.

The listing comes as demand for office space surges in Wollongong, with A-grade spaces such as 90 Crown Street in hot demand.

Knight Frank agent Ben Mostyn said the property would be of great interest to the commercial property market, including overseas investors, institutions and private wealthy individuals.

"We describe this well-known property as the crown jewel of Wollongong - it's Wollongong's trophy asset," Mr Mostyn said.

"For investors this property coming onto the market provides a rare opportunity to purchase a fully-leased, A-Grade government-anchored quality asset in one of Australia's strongest performing office markets."

Currently, the building is fully leased and is home to the regional headquarters for Services Australia and Transport for NSW.

The building has a total lettable area of 9172 square metres on the 3755 square metre site.

On the ground floor, tenants include nightclub Mr Crown and Service NSW.

Knight Frank agent Dominic Ong said that economic conditions in Wollongong made this a prime asset.

"Intense competition for core assets in major CBD locations has led to significant capitalisation rate compression throughout Australian commercial office markets," he said.

"Although buyer demand has expanded into metropolitan areas, core market yields in regional areas such as Wollongong provide real value."

Expressions of interest close on Thursday, March 17.

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