US consulate to move to North Sydney
The US consulate will move from Sydney’s CBD for the first time in 25 years, and into North Sydney.
In one of the most significant leasing deals for the area this year, the US has leased 6000sqm of space over six levels at 50 Miller St from boutique property investment company Sumner Capital and co-investor Prime Super.
The 12-year lease was brokered by Craig Dolman of Cadigal, with options to renew.
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Sumner Capital director Kirby Parsonage says the deal is testimony to the success of the building’s significant upgrade to an A-grade building with a 5-star NABERS rating.
A new building entrance was added as part of the refurbishment, along with a new lift system and high-quality end-of-trip facilities.
The owners expect to sign a lease with another major tenant for the remaining 4000sqm of space within the next few weeks.
Dolman says demand is strong for commercial office space in North Sydney as a result of improving transport and infrastructure with the Sydney Metro and Victoria Cross integrated station development.
“North Sydney is viewed as a prime location for corporates and is no longer a secondary market to Sydney’s CBD,” Dolman says.
“The lack of supply and continued demand is supported by new streetscapes, developments and retail offerings.”
He says Cadigal research shows demand increased at an average 28% a year over the three years to March 2018.
From late 2019, NBN Co will consolidate its five Sydney workplaces into a single flagship office at 100 Mount St, North Sydney, having leased 20,364sqm.
Zurich Insurance has plans for a $250 million office tower above 5 Blue St and 118 Mount St, providing another 20,000sqm.
This article originally appeared on www.theaustralian.com.au/property.