Menu
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 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%.

Attraction
  • High 10% purchase yield.
  • Good location – transport & local amenities.
  • Low rent.
  • Large, efficient floor plates.
  • 5 star NABERS energy rating.
miller-st-1-1
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.
miller-st-1
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%.
miller-st-1-1
Learn more about our team and what to expect