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%