CI instrumental in sale of North Sydney office to private offshore investor
116 Miller Street, North Sydney has been purchased by a private offshore buyer for around $134 million with a fully-leased yield of circa 5.25%. The property is the largest potential development site in North Sydney at 2,304 square metres in size and is located directly opposite the proposed new Victoria Cross Metro Station.
116 Miller Street is currently occupied by blue-chip tenants including National Australia Bank, Commonwealth Bank, ANZ, Salmat, APP Corporation, and the Australian Catholic University. It is 87.5% leased, with a 3.42-year weighted average lease expiry as at 1 May 2017 and high retention credentials via long-standing tenants.
Strategically located in the new central core of the transforming North Sydney CBD, and directly opposite the new Victoria Cross metro station, the property has dual street frontages and is also right next door to the new Northpoint retail development and hotel.
CI Australia’s Bevan Kenny and Chris Veitch marketed the property via an International Expressions of Interest campaign on behalf of owners Property Bank Australia, Security Capital Corporation and RG Property.
When asked about the sale, Bevan Kenny, CI Managing Director – North Sydney said, “North Sydney assets are being bid for very strongly. There is a powerful resurgence of domestic buyers across all price points.”
116 Miller Street is a recently-refurbished, A-grade asset with retail frontage along Miller Street. The property features large, easily sub-divisible floor plates with excellent natural light.
Chris Veitch, Director Invest Sales added, “Domestic and offshore groups are fully onboard with the North Sydney regeneration story and they realise that opportunities to buy into the market are becoming scarce.”
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