A commercial property at 54 Miller Street, North Sydney has been placed on the market by Bevan Kenny, Shirley Fan and Chris Veitch of CI Australia. The property is being listed on behalf of AEW Value Investors Asia III, a closed ended unlisted property fund managed by Boston-based, AEW Capital Management.
54 Miller Street is a 14-storey office building with basement parking for 74 cars. It was completed in 1971 with a net lettable area of 7,011 sqm and typical floor plates of 550 sqm and a NABERS rating of 3.5 stars. The owners have invested $19 million into the building and a recent full refurbishment included a new lobby, lifts, End of Trip facilities, new façade and refurbished retail space with a new cafe. The building’s tenants include Aruba Networks, Mercury Retail, Benbow & Pike Chartered Accountant and Creation Homes.
The building is ideally situated across the road from the Greenwood Plaza shopping centre and just metres away from North Sydney Railway Station and the future Victoria Cross Metro Station.
The property last traded at $59.4 million in 2018. That sale represented an initial yield of 5% on passing income of $2,970,000.
CoreLogic Australia