North Sydney office tower, 1 Pacific Highway, has changed hands at $114.5 million.
Developed in 1987 the property was held in the name of Parangool Pty Ltd, which is owned by private clients of AMP, including Saud Kanoo and members of the Kanoo family of Bahrain.
According to North Sydney Cityscope, the building of 7,500 sqm sits on a site area of 1,850 sqm. It contains basement parking for 54 cars, ground floor lobby, a mezzanine level and ten floors of office space. With typical floors of 750 sqm, it also has a 4-star NABERS rating. Major tenants include Cerner Corporation, Innocean Worldwide Australia and Calibre Insurance.
The tower’s large site area, proximity to the City and to the North Sydney Railway Station plus its stunning harbour views could make it a potential candidate for a future residential conversion.