North Sydney Commercial Property News

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.

North Sydney is being pitched as the city’s next prime location for office tenants as the area gears up for a wave of new development, with the listed Lendlease looking to set fresh benchmarks with a planned $1 billion tower.

Singapore-based SC Capital is again looking to expand its local holdings, with the fund manager close to buying an office block in North Sydney for about $120 million.

Major developers are jostling to build a new office tower in North Sydney that could be worth about $330 million with the contest for the site drawing interst from heavyweights including US group Hines and local player Primewest.