A boutique commercial office asset at 110 Pacific Highway North Sydney has sold following an on market campaign.
The property sits on a small 211 square metre site and contains a ground floor retail tenancy and five upper floors with 976sqm in total NLA.
Situated opposite the recently refurbished Northpoint building the property is a short walk to the North Sydney train station and just 250m to the Victoria Cross Metro Station.
The multi-leased property has been extensively refurbished within the last 5 years with small suites office delivering an income of approximately $550,000 p.a. net fully leased.
The sale price of $11.9m represents $12,192 per sqm of NLA or a 4.6% full let passing yield.
The property was acquired by Ausino Holdings, a related entity of the adjoining property at 112 Pacific Highway. Both sites are zoned for mixed use with a 95m height limit, and may pave the way for a future office development site.
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