A B-Grade office asset in North Sydney (10,357sqm of net lettable area), which was leased to National Australia Bank for 3.5 years from acquisition. The property was purchased for AUD60m as a B-Grade asset with a short WALE. After a comprehensive refurbishment, the property was upgraded to A-Grade and was fully leased to provide a 10-year WALE and was sold for AUD148m resulting in an IRR of >16%.