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Valad Sells St Leonards Office Building at a Discount, For $19 Million

Written by Marc Pallisco
Thursday, 03 December 2009 07:40

VALAD Property Group has recorded a huge loss from the sale of a seven-level office building on Sydney's North Shore.

The 39 - 41 Chandos Street office sold to fund manager Markham Corp for $19.05 million in September, after previously being valued this year at $20.9 million.

Valad paid just over $24 million for the office in late 2007.

Markham Corp managing director James Markham described the property in today's AFR as "one of the best B-grade offices in St Leonards."

The 4,618 square metre, 21 year old building includes 21 car parks.

Recently, Stockland sold the Ogilvy House office in St Leonards to Amici Funds Management for $60 million.

http://www.realestatesource.com.au/valad-sells-st-leonards-office-building-at-a-discount-for-19-million.html