North Sydney’s commercial market rises

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The total value of commercial property sales in North Sydney increased during the July quarter, according to new figures from CoreLogic.

In the most recent quarter, North Sydney saw 54 sales totalling $769.1m,  up from $50.3m from 30 sales in the quarter to April and $263.1m from 49 sales in the quarter to January 2019, the figures showed.

The rise in value is largely due to the sales of North Point at 100 Miller Street and 111 Pacific Highway, according to CoreLogic.

However, the quarter only brings the 12-month total sales value to $1.549bn from 166 sales, falling from $2.537bn from 205 sales in the previous year.

The following are the notable sales in the July 2019 update:

  • 50% interest in the Northpoint at 100 Miller Street, North Sydney, a 44-storey office building with a two-level arcade of specialty shops and basement parking for 423 cars over six levels, extensively refurbished in 2018; plus a recently built 10-storey 187-room Vibe Hotel at the northern end of the site, which sold for $300m
  • 111 Pacific Highway, North Sydney, a 24-storey office building with a circular two-storey annexe facing the Pacific Highway and Walker Street intersection. There is basement parking for 164 cars and ground floor specialist shops in the office building. Net lettable area is 18,684 sqm, comprising office space of 17,357 sqm and retail space of 1,327 sqm, which sold for $275m
  • A stratum lot in the recently completed The Albany Crows Nest development, comprising car parking, retail and commercial space, which sold for approximately $42 million. 

Source: CoreLogic

 

Top Suburbs : stafford hts , glendenning , campsie , north epping , spearwood

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