In our last Commercial Pulse for 2017 we can report that 75 Miller Street, North Sydney has been sold for $52 million. The vendors, Western Australia investors, Property Bank Australia Pty Ltd and Security Capital Corporation Pty Ltd, are companies associated with Christopher Glass of Attadale, Colin Mackellar of Claremont, Rodney Shea of Peppermint Grove and George Shea of Dalkeith.
The syndicate purchased the property for $22.25 million in 2011. The sale follows their previous successes in North Sydney, selling 8 West Street for $60 million this year (purchased for $19 million in 2009) and 116 Miller Street for $135 million (purchased for $59.5 million in 2012). The buyer is undisclosed but reported as being a Hong Kong based investor.
According to North Sydney Cityscope, 75 Miller Steet is a 13-storey building comprising retail space on the ground floor, twelve levels of office space and car parking for 39 vehicles over two basement levels. It was built in 1973 and has since been refurbished. Sitting on a block of 777 sqm the building has a net lettable area of 4,929 sqm and a 4-star NABERS rating. Its excellent location includes being next door to the popular Greenwood Plaza and a two minute walk to North Sydney Railway.
The property was apparently sold on a net yield of 5%.