Sale of GSH’s office units in Cecil Street not going ahead

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The sale of GSH Corporation’s office units in Cecil Street will no longer be proceeding, as the company has received notification from the purchaser’s solicitors that they were unable to complete the purchase of the property. GSH Corporation had previously announced, on July 12, that it would be selling its nine strata office units, located on the 28th floor of 20 Cecil Street, for $38.8 million.

After careful consideration, the sale and purchase agreement (SPA) has now been terminated, with the 10% deposit of the $38.8 million to be forfeited by the purchaser. This amount will be recognised as “other income” in the company’s income statement for the current financial year, however, it is unlikely to have a significantly material effect on its financial results.

27 strata office units at Cecil Street were originally placed on the market and for sale at a total of $100 million, with over 41% of the units being released and subsequently sold at an average price of $3,090 psf. Additionally, in July 2019, three strata office floors at 20 Cecil Street were placed up for sale.