Despite its reputation of being a cold and windy city, recent Cityscope research shows how sales’ value in North Sydney has increased significantly. Sales recorded in the most recent quarter totalled about $2.271 billion, as compared to the $224.5 million recorded in the quarter to October 2021 and the $175 million in the quarter to July 2021. Overall sales are up almost a billion dollars from the preceding 12 months.
One of the recent sales that is partly responsible for this huge increase is that of the Blue and William development at 2-4 Blue Street. Showing enormous confidence in the future of the North Sydney CBD, LendLease Corporation Ltd and Keppel REIT paid $660 million for the property.Following the demolition of five residential buildings the completed building will be a 10-storey, A-grade commercial building with basement car parking, outdoor terraces on levels 5 to 8, an onsite cafe and end-of-trip facilities. The development will have a net lettable area of 14,573 sqm.
Also contributing was a 50% interest in Greenwood Plaza, a three-level retail complex with 98 specialty stops; 83 Miller Street, a 28-level commercial building with an additional five levels of basement parking; and 103 Miller Street, a three-storey commercial building. The half share was bought for $422 million by Capitaland Integrated Commercial Trust, the first and largest real estate investment trust (REIT) listed on Singapore Exchange. It represented an initial yield of 5.6% on passing income of $23,632,000. The share last traded at $347 million in 2017.
Just a stones throw away, in a definite show of enthusiasm for the area, Capitaland Integrated Commercial Trust also bought 100 Arthur Street. The building is an A-Grade, 23-storey building, completed in mid-2007 with retail space on the ground floor, a three-level podium and parking for 141 vehicles over three basement levels. It has net lettable area of 27,196 sqm. The trust paid $373 million for the property with it last having traded at $313 million in 2016.