Bob Ell sells 52 Alfred St, Sydney, to Bridgehill

PROPERTY tycoon Bob Ell has moved cash in on the “Chinese investment boom” by selling an office-tower in Milsons Point on Sydney Harbour for about $80 million to successful mainland developer Bridgehill.

The Australian property legend will reap a gain of about $30 million on the sale of the tower, 52 Alfred Street, which he picked up about four years ago from a Colonial First State managed fund.

The 13-storey tower is leased to health products group Kimberly-Clark but a conversion into apartments is seen as likely.

Bridgehill has been among the top buyers of apartment sites and its luxury projects have also won support from offshore buyers. It forked out $82 million last August for an old council depot in Zetland, south Sydney, where it is planning a series of unit towers.

It also recently sold out a planned luxury apartment conversion of the nearby TAL building in Milsons Point. Agents CBRE were finalised the latest site purchase last night.

Chinese groups have forged into major capital cities to secure key sites for landmark developments.

Originally published by The Australian