Case Studies

Sumner has worked on projects ranging from boutique offices to landmarks around Australia.

CBD Office
50 Miller Street, North Sydney

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%.

Heritage Wharf
Piers 8/9, Walsh Bay, Sydney

A 10,254 sqm heritage-listed former shipping wharf with adaptive reuse for office space completed in 2000. The building has an iconic presence in Sydney and was purchased for AUD46m in 2014. Was sold in July 2018 for AUD91m (6% yield), resulting in an IRR of >30%.

Boutique Office
117 Harrington Street, Sydney

A 1,404 sqm heritage-listed, multi-tenanted boutique office with 6 storeys and 3 street frontages. It was purchased for AUD12m (AUD5.7m equity) in 2013 – undertook leasing strategy, maximised rents and capital value. Sold for AUD21m in late 2019, resulting in an IRR of >30%.

Hub-and-spoke Office
3 Bridge Street, Pymble

This suburban office building has three stories and a dual street frontage, with 2,626 sqm of Net Lettable Area and a significant 2,964 sqm Site area. UGL Pty Ltd (100% subsidiary of CIMIC) occupies 100% of the building – their lease expires in mid-2025 with one 5-year option.

CBD Office
111 Alinga Street, Canberra

A six-level office building that was completed in 1987 but had a significant refurbishment in 2009. It has 16,328 sqm of Net Lettable Area and is occupied 100% by the Department of Infrastructure (‘DOIRDC’), with the lease expiring in 2026. The building currently holds an equity of IRR >15%.

Industrial Asset
Aviation Technology Park, Nowra

Leased and sold a property on behalf of a US-based client, with a sale price reflecting 196% of its book value. The property included 2 secure industrial buildings located adjacent to the Defence Force airfield, with adjoining developable land. This was part of a portfolio rationalisation exercise and was sold in December 2021 for AUD5.9m against a book value of AUD3m.

Portfolio Rationalisation

A US-based client inherited a diverse portfolio of 65 assets across Australia and required strategic advice on how to maximise their value for a structured divestment.