This article is from the Australian Property Journal archive
MacarthurCook Office Property Trust has signed a new anchor tenant for its property at 181 Miller Street, North Sydney.
Systems management company, Altiris Australia will occupy almost three floors of the 13-storey office building and join other key tenants such as Millward Brown, Westpac Banking Corporation and BIS Shrapnel in the heart of the North Sydney business district. Altiris will take possession of the space in mid September when refurbishment of their floors is completed.
The deal takes occupancy of the building to 94% and the lease expiry profile to three years.
MacarthurCook’s fund manager Sally Williamson said the deal highlighted the market’s growing confidence in Sydney’s North Shore market.
The property was acquired by MacarthurCook’s Office Property Trust in June, 2005 for $54.5 million on an initial yield of 9%.
In early March 2006, the property was revalued at $60 million, representing a gain of $5.5 million in less than 10 months.
In addition, the trust has recorded a positive result from the revaluation of four assets. The trust now has total assets of $134 million following the purchase of two additional office properties in Canberra and Adelaide last month.
The trust’s Queensland property at 150-170 Leichhardt Street in Spring Hill on the fringe of Brisbane’s CBD has been revalued up 11% to $17.55 million.
Williamson said the revaluation of the Spring Hill property reflected a tightening of yields in the Brisbane city fringe and recent leasing deals at the property.
“The Queensland Department of Transport has recently relocated to newly completed premises within the complex and leasing of retail space on the ground level is progressing well with a number of new tenants set to open their doors in the coming month,” Williamson said.
By Kathryn O’Meara
