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 and had 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%.