Prominent Consulate Tower Provides Future Proofed North Sydney Investment Opportunity

Sydney – July 7, 2022 – The North Sydney home of the United States Consulate General (USCG) is being brought to the market amid ongoing appetite for long leased assets linked to high quality tenant covenants.

CBRE’s James Parry and Kenny Duncanson, together with JLL’s James Barber, Luke Billiau and Simon Storry, have been appointed to steer the Expressions of Interest campaign for the 50 Miller Street building on behalf of Sumner Capital.

The sale follows an extensive upgrade of the 10,427sqm asset, which was completed in 2019 and included over $15 million in base building capital works. Subsequent leases to USCG and WeWork resulted in significant tenant investments in building fitouts which have future proofed the building.

Sumner Capital’s Kirby Parsonage noted; “Having completed a major repositioning of the asset, we’ve identified that now is the right time to recycle the capital to invest in new opportunities amid ongoing demand for high quality North Sydney investment opportunities.”

Mr Parry said the A-grade building was one of only four assets in the North Sydney CBD with a 7+ year WALE. 

“In the past five years, no assets with a 7+ year WALE and a sub-$200 million lot size have been offered to the market in North Sydney,” Mr Parry said. 

“The ability to secure this style of asset will be highly attractive to a wide range of buyer groups, particularly in light of the AA+ rated USCG tenancy covenant. This is a first-generation, 12-year lease, which offers extremely strong retention potential due to the consulate’s specialised $119 million fit-out.”

JLL’s Mr Barber said the building’s prime location within the rapidly transforming North Sydney CBD would be another strong buyer drawcard.

“50 Miller Street is closely positioned to the future Victoria Cross Metro Station, which will be completed in 2023, resulting in travelling times of five minutes to Martin Place and three minutes to Barangaroo,” Mr Barber said.

Expressions of Interest in 50 Miller Street close Wednesday 17th August 2022