A major asset in North Sydney is being taken to the market as investor appetite for office assets heats up, with values on the rise.
The mixed-use 100 Miller Street, also known as Northpoint Tower, has 40,000sq m of floor space in total incorporating office, retail and hotel space, on a circa 5,000sq m site.
The property has 26,820sq m of office space over 34 levels, with major tenants including Dynatrace Asia, Ferrero Australia, Holcim Australia and EG Group.
It also houses the Vibe Hotel, which occupies of 187 rooms over eight levels, along with 4,728sq m of retail space occupied by tenants including NAB, Westpac, Woolworths, Australia Post, OPSM and Hungry Jack’s.
The asset also has a six-level basement carpark.
The property is being taken to the market by Knight Frank agents Dominic Ong and Rob Sewell via an Expressions of Interest campaign on behalf of the vendor, Early Light Hong Kong.
It is expected there will be significant buyer interest in 100 Miller Street as market sentiment is improving.
The commercial property passed the cyclical bottom and returned to growth earlier this year, and since then momentum has been strengthening.
According to MSCI, the office rebound is here. Office property funds in Australia have posted their first positive quarterly return in over two years, signalling a robust recovery in the commercial real estate sector. In Q1 2025, funds managing more than $34 billion in assets delivered a total return of 1.1%, marking one of the most encouraging signs of renewed momentum in the market.
Knight Frank’s Australian Horizon 2025 report – a forecast for 2025 – found this year is a good time for investors to buy in Sydney’s office market, with the market continuing to recover.
Buyers who acquire assets now will be well-placed to see strong returns in years to come, and buyers have been increasingly active.
Competition has been ramping up for well-located core assets in Sydney in particular, and 100 Miller Street ticks all the boxes on this front.
It’s an integrated office, retail and hotel asset in the epicentre of North Sydney, in an unbeatable location within 25 metres of the new Victoria Cross metro Station, which connects commuters to the CBD in three minutes, and directly across the road from Greenwood Plaza, North Sydney’s premier retail amenity.
This asset will benefit from the recovery in values in the wider market, with investors also able to add value through several proactive strategies, including through targeting an improvement in the building’s NABERS rating.
The property offers significant income-enhancement potential through office refurbishment and repositioning, a targeted leasing strategy to increase occupancy and achieve market rents, improved hotel performance driven by rising occupancy rates, and additional value from sky signage rights.
Strong purchaser interest in 100 Miller Street is anticipated from investors seeking to capitalise on the recovery of the office market.
As one of Australia’s largest office markets, North Sydney is strategically positioned to spearhead the recovery, having consistently demonstrated robust market performance across multiple cycles.
The anticipated constrained supply pipeline over the next five years, particularly with several building conversions to BTR, is expected to foster conditions conducive to growth.
Tenants from suburban markets are funnelling into North Sydney seeking higher quality assets and fitouts, world-class transport infrastructure and evolving precinct amenity, including the pedestrianisation of Miller Street and shift to 24-hour trading zoning, along with office space being at an attractive rental discount to the Sydney CBD
The Expressions of Interest campaign for 100 Miller Street will close at 3pm on September 10.
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