Metroland Australia’s subsidiary Kings Properties has sold Building X at 16-20 Mountain street, Utimo for $19 million to Australasian Performing Right Associations and Australasian Mechanical Copyright Owners Society.
The contracts are conditional upon approvals from the Sydney City Council for the refurbishment works.
The Australian Performing Right Associations and Australasian Mechanical Copyright Owners Society are looking to operate their offices from Building X.
Metroland bought the building in June 2005 for $8.45 million in a public tender from the Ministry of Education and Training.
The property is a multi-storey heritage warehouse located in one of Sydney’s emerging commercial precincts, a short distance from Broadway Shopping Centre, Wentworth Park and Central Railway Station.
Metroland is refurbishing and converting the building into strata offices.
It is expected that the refurbishment works will be completed in 2007.
The building has a total gross floor area of 4930 sqm on a 1290 sqm site.
By Adam Parsons
