This article is from the Australian Property Journal archive
CO-OWNERS of the premium-grade office building at 101 Miller Street in North Sydney, Mirvac and TH Real Estate, have signed up three new tenants across 4,700 sqm as occupants look beyond the tight CBD market.
Property NSW, Bedford CA and Access Innovation Media take the North Sydney building to 83% leased.
Property NSW has leased 2,800 sqm on levels 21 and 22 on a five-year deal to accommodate their growing staff numbers, whilst Bedford CA leased 1,428 sqm over level 16 on a seven-year deal, and Access Innovation Media 487 sqm on level one over five years.
TH Real Estate’s head of asset management, Australia, Jayson Egan, said that with the low vacancy in the Sydney CBD, tenants are increasingly seeking alternative locations like North Sydney, which are more affordable and provide an outstanding work environment.
“We expect this trend to continue throughout the year,” he said.
Mirvac’s general manager of leasing and agency services, Paul Bezzina, said the commercial property market in North Sydney is extremely attractive, offering an exceptional working environment and access to retail facilities, hospitality and transport.
Mirvac is currently upgrading the building’s office floors, foyer and end-of-trip facilities, due to be complete later this year.
It includes 250 tenant car spaces, up to 300 visitor bays, and is close to the North Sydney train station and the future site of the Victoria Cross metro station.
Earlier this week, the refurbished, A-grade 116 Miller Street commercial building nearby was acquired by a Chinese investor for $134 million.
The 2,304 sqm site has 11,368 sqm of office and retail space and is 87.5% leased, with tenants including National Australia Bank, Commonwealth Bank, ANZ, Salmat, APP Corporation and Australian Catholic University.
Property Bank Australia, Security Capital Corporation and RG Property were the joint vendors.
Australian Property Journal
