Roxy-Pacific subsidiary poised to acquire A$81m Sydney property

It has a 12,571 sqm net lettable area.

Roxy-Pacific’s 50%-owned subsidiary Feature-Roxy is set to acquire a 14-storey commercial building in Sydney’s central business district for A$81m, according to media release by the company.

The freehold property sits at 117 Clarence Street, Sydney, Australia and boasts three street frontages with views through Sydney's CBD and out to Darling Harbour. It’s on a total site area of about 1,190 sqm and has a net lettable area of 12,571 sqm. 

It will be funded by internal funds and bank borrowings.

Though Roxy-Pacific sees that the property is unlikely to impact earnings in the current financial year, the company reportedly recognises that the acquisition bears the potential of being a stable source of rental income.