Project York is a preferred equity investment opportunity in a 12 level, 8,366 sq.m. NLA commercial office development located at 32-34 York Street Sydney CBD, it is comprising a full redevelopment and integration and extension of the two existing office buildings.

The opportunity is compelling not only because of downside protection structured into the preferred equity investment into York Street Office, but also that Phoenix was able to successfully negotiate a free value-sharing participation into the site amalgamation on Pitt & Hunter Street which is in a highly strategic corner CBD location in between 2 existing train stations and an upcoming metro station development on an adjacent site.

The property was acquired by the developer in late September 2021 and has commenced construction with a local builder. The investment closed at the end of October 2021.