North Sydney had a huge end to 2019, recording over $1 billion for the quarter compared to just $678 million in the quarter leading to October 2019. The bumper end to the year brought the twelve-month total value of sales to $2.6 billion, an increase from the $1.6 billion recorded for the previous year.
Included in the end of year windfall was a development currently under construction at 118 Mount Street, North Sydney. The property will be the headquarters of Zurich Australia and the future building will be comprised of 29 storeys with 21,000 sqm of net lettable area and basement parking over three levels. The site was bought for $350 million by CBRE Global Investors on behalf of a German pension fund. It was bought via a fund-through transaction with a payment of $50 million made in November 2019 and the balance to be paid throughout the build and upon completion of the building. The original site was bought for $3.5 million thirty-seven years ago by NZI Life, now part of Zurich Life.
Just across the road 99 Walker Street sold for a similarly impressive sum of $311 million. 99 Walker Street is an A-grade, 22-storey office building which was completed early 1988. It comprises three podium levels with retail and restaurant space and five basement parking levels for 282 cars. Major tenants include Inscape Projects Group, Investa and BIS Oxford Economics. The purchaser was the Abacus Property Group, a diversified Australian REIT with an investment portfolio concentrated in the commercial market.
Finally, 20 Berry Street, a 15-storey office building, was bought for about $113 million by property developer and investor, Sarkis Nassif. It last traded at $59 million in 2015. The 9,026 sqm building was completed in 1971 and refurbished in late 1988.
All properties will no doubt be enhanced by the opening of the new metro station, Victoria Cross, slated for completion in 2024.