North Shore commercial asset sets ‘new benchmark’
A commercial office space in Sydney has sold for a record-breaking price in its first time offered to the market since its completion.
A Sydney commercial asset has changed hands for $12m on the lower north shore for the first time in 25 years.
Secured by global commercial real estate company JLL and CBRE Asia Pacific, the sale of 1 Northcliff St in Milsons Point marks one of Australia’s largest strata office transactions in Australia for 2024, according to JLL.
Comprising of three individually titled whole floor offerings totalling 954.2 sqm of net lettable area within a mixed-use building, the property boasts a harbourside position within Sydney’s premier Lower North Shore offering sweeping panoramic views of Sydney Harbour.
This marks the first time the asset has been offered to the market since its completion in 1999.
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JLL director of capital markets NSW Willem Watson said it represents “the most prestigious and versatile strata commercial offering presented to the Lower North Shore market.”
“Its prime location and adaptable floorplates generated significant interest from both local and international investors, demonstrating that premium properties continue to command premium prices in the current market,” Mr Watson said.
Located 1.2km from North Sydney CBD and 4km from Sydney CBD, the asset has potential for various future uses, according to JLL, who noted significantly contributed to its appeal.
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“Each level is bathed in natural light from three sides, creating an inspiring work environment. The crowning feature is undoubtedly the sweeping panoramic views of the iconic Sydney Harbour Bridge, Sydney Harbour, and the CBD skyline – something that few commercial spaces can match,” Mr Watson added.
Additionally, the property boasts 9 secure basement parking spaces.
CBRE Director of Capital Markets, Angus Windred said the sale demonstrates “the resilience of Sydney’s commercial market.”
“(There is an) enduring appeal of assets with strong fundamentals and value-add potential,” he said.
JLL has an annual revenue of $20.8 billion in over 80 countries across the world.
Originally published as North Shore commercial asset sets ‘new benchmark’