North Sydney office building listed for sale with $50 million hopes

A boutique office building in North Sydney belonging to Property Bank Australia and Security Capital Corporation is on the market.

The 75 Miller Street property is being marketed by Knight Frank’s Tyler Talbot and Dominic Ong along with CI Australia’s Bevan Kenny and Chris Veitch.

The vendor expectations are in the range of $50 million, Fairfax Media added.

Talbot said the asset, which is almost fully leased, is well placed to capture future growth in the sought after North Sydney market and will appeal to both local and offshore buyers.

“We are seeing a great deal of growth in North Sydney’s secondary office space, with further stock withdrawals tightening supply and dramatically increasing net effective rental returns for investors," he said.

Knight Frank research forecasts an average of 10.36% net effective rental growth per annum over the next three years for North Sydney B-grade stock.

Situated on 777 sqm of land area, 75 Miller Street spans 4,930 sqm and is a fully-refurbished boutique asset.

The property features multiple subdivision options and captures harbour views.

It is close to public transport and its onsite amenities includes a ground-floor café, gym and childcare centre.

The property is being marketed through an expressions of interest campaign that ended on October 26.