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North Sydney office tower set to sell for $60 million

Property Markets / Outlook

Australia / Sydney

Mar 22 2018

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Chinese backed local developer and investor Aqualand has sold its North Sydney office tower for $60 million, with the sale due for completion at the end of the week. 

Taking longer than expected, the sale of the B-grade building at 54 Miller Street to US-based institutional buyers was managed by CBRE’s Sharon Yang James Parry and Ryan Johnson. 

The tower has a new facade, lobby and cafe, along with floor plates of about 550 square metres.

The sale reflects Aqualand’s asset recycling strategy, which involves purchasing commercial properties and landbanking before offloading the properties for good return. 

In 2016, Aqualand bought the property from private owners for $52.3 million, doubling the vendor’s money.

Earlier that year, the group sold a 4.5-hectare development site in Melrose Park for $160 million. 

It currently owns North Sydney properties including the Fujitsu Centre at 15 Blue Street in North Sydney, and the office buildings at 132 and 146 Arthur Street in North Sydney, and will convert some buildings into residential development. 

Photo by All Bong on Unsplash

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