This article is from the Australian Property Journal archive
A THREE-level light-bathed Milsons Point workplace has sold for $12 million, in one of Australia’s largest strata office transactions for 2024.
The 1 Northcliff Street property comprises three individually titled whole floor offerings totalling 954.2 sqm of net lettable area within a mixed-use building, and boasts a harbourside position within Sydney’s Lower North Shore, offering sweeping panoramic views of Sydney Harbour Bridge, Sydney Harbour, and the CBD skyline.
JLL and CBRE jointly brokered the sale. It marked the first time the asset has been offered to the market since its completion in 1999.
“1 Northcliff Street represents the most prestigious and versatile strata commercial offering presented to the Lower North Shore market,” JLL’s Willem Watson said.
“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.
The asset’s strategic position, 1.2 kilometres from the North Sydney CBD and four kilometres from the Sydney CBD, coupled with its potential for various future uses, significantly contributed to its appeal, the agents said.
The property also offered nine secure basement parking spaces, a rarity in the tightly held precinct.
“The strong interest we received for this premium asset underscores the continued demand for high-quality commercial properties in sought-after locations,” JLL’s Harry Sullivan said.
