GPT has become the latest major property player to buy into North Sydney, acquiring two adjacent Walker Street sites for an estimated $185 million, giving it scope to develop a premium office tower within easy reach of Victoria Cross Station.

It follows property powerhouses Lendlease, Dexus, Mirvac, Billbergia, Keppel REIT and Stockland into North Sydney, which is in the midst of dramatic change sparked by the construction of the Sydney Metro rail line.