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Abacus adds Sydney retail building

Abacus has added a George Street property to its portfolio.

Listed property trust Abacus Property Group has acquired 309 George Street, a 15-level retail and commercial building in Sydney's central business district, from a private investor for $68.75 million.

The investment will have an initial yield of 8.5 per cent a year, the company said.

"We believe that this is a standout core-plus opportunity. The building has outstanding retail with a 30-metre-wide frontage to George Street and almost 50 per cent of the net income is derived from retail tenants," Abacus Property Group managing director Frank Wolf said.

"The commercial office component presents an opportunity to upgrade and capture rental reversion by re-leasing into a strengthening leasing market.

"The building is located in a part of the CBD which is anticipated to undergo significant regeneration in the short to medium term."

The property comprises a 15-storey retail and commercial building with net lettable area of 9357 square metres.

It also provides office accommodation and is currently fully occupied.

Settlement is expected to occur by mid-October and Abacus said it anticipated that it would partner with third-party capital.