50 MILLER STREET, NORTH SYDNEY
DESCRIPTION
- Purchased as a “B” grade office building
- Let to National Australia Bank for 3.5 years from acquisition
- 10,357sqm of Net Lettable Area
STRATEGY
- Take core+ risk
- Undertake complete building upgrade – lifts, entrance foyer, air conditioning, End of Trip facilities and Building Code of Australia
- Lease the building
- Sell the building
ATTRACTION
- 10% purchase yield
- Good location – transport & local amenity
- Low rent
- Large, efficient floor plates
- 5 star NABERS energy rating
RESULTS
- Newly refurbished “A” grade building
- Fully let with 12 year leases to US Consulate General Sydney and WeWork
- Rent significantly exceeding underwriting
- IRR>30%