North Sydney Commercial Property News

North Sydney could become the city’s “CBD North” as major tech, media and telecom businesses move out of the city centre, new data has revealed.

Office developers are focusing their attention on suburban areas as major tenants look for alternatives to city centres in the wake of the coronavirus crisis.

North Sydney is set for a commercial development boom worth more than $1.5 billion, and major tenants are believed to already be interested in crossing the bridge.

North Sydney’s landmark MLC building is set for a multi-million redevelopment, following its quiet sale earlier this year for $263,797,465.

Subdued business conditions and a lift in new developments have prompted a drop in space being taken up in office towers in the heart of Sydney but demand in the country’s resources capitals is holding up.

The property empire linked to billionaire Chinese property developer and political party donor Huang Xiangmo has sold a major North Sydney tower to private developer Holdmark for the symbolic price of $113.888 million.

The listed Abacus Property Group has quickly found a use for funds it had set aside for its now thwarted takeover play for the Australian Unity Office Fund.

Financial services giant Zurich Insurance’s turn as a developer has generated solid returns, with property heavyweight CBRE Global Investors swooping on its under-construction headquarters in North Sydney for about $350 million.

Diversified property company Stockland is making a major return to office developments and on Friday unveiled a major amalgamation play in the hot North Sydney market.