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50 MILLER STREET, NORTH SYDNEY
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%