In one of several recent North Sydney CBD deals, two commercial buildings have sold together for $135 million.
In one of several recent North Sydney CBD deals, two commercial buildings have sold together for $135 million. 116 Miller Street and 173 Pacific Highway, North Sydney have been sold by their WA joint owners, Property Bank Australia, Security Capital Corporation and RG Property.
116 Miller Street, according to North Sydney Cityscope, is an eight-storey building with banking and retail space on the ground floor and seven levels of commercial office space above. With a net lettable area of 8,452 sqm its major tenants include NAB’S UBank, Salmat and APP Corporation. 173 Pacific Highway comprises four levels with a ground floor showroom and it fully tenanted by the Australian Catholic University.
In other recent North Sydney sales, 146 Arthur Street has been sold for $78 million, 27-57 Falcon Street was sold for $30.5 million and in neighbouring Crows Nest, 39 Albany Street sold for $22 million. Aqualand, already active in the area, has also been rumoured to have bought both 15 Blue Street for $168 million and 8 West Street for $60 million.
The Western Australian investors have more than doubled their money having bought the North Sydney properties for $59.5 million in 2012.