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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%.

Attraction
  • High 10% purchase yield.
  • Good location – transport & local amenities.
  • Low rent.
  • Large, efficient floor plates.
  • 5 star NABERS energy rating.
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Strategy
  • Core+ risk.
  • Enjoy initial double-digit income distribution.
  • Full repositioning (new lifts, entrance lobby, air conditioning, end of trip facilities, Building Code of Australia upgrade) in readiness for lease expiry
  • Re-lease and sell.
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Results
  • 60% of the NLA is let to the US Government for 12 years.
  • 30% of NLA let to a global corporate client.
  • Increased Net Lettable Area.
  • Repositioning to A grade standard.
  • Significant increase in equity value from AUD30m to AUD100m.
  • Sold in February 2023 for AUD148m resulting in an IRR of >16%.
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