Recent Leasing Deals in North Sydney Point to Positive Outlook

Recent deals in North Sydney point to a positive outlook for Sydney’s second major CBD market which continues to be transformed by a number of significant new projects.

This week, ESR confirmed that Aurecon has committed to circa 4,500sqm at 73 Miller Street North Sydney.

The 10-year lease will see Aurecon take up levels 9, 10 and 11 of the upgraded commercial building in North Sydney.

The building was initially built in the 1990s, but following a c.$A60 million capital expenditure program inclusive of the installation of two new office floors plus the infill of existing floors creating larger floorplates, ESR Australia has transformed 73 Miller Street into a quality A-grade commercial property.

Following the deal, 73 Miller Street is circa 85 per cent leased with Aurecon joining Sony Australia, Axi and Altogether Group, Ooh!media and TTW (Taylor, Thompson, Whitting) as tenants of 73 Miller Street.

At 124 Walker Street, AMP Capital have signed up Shore Financial to 615sqm on a 5 year lease on level 16. The Financial continues to grow in headcount on the back of a strong residential real estate market, leading to record lending from mortgage brokers.

Shore Financial Chief Executive, Theo Chambers said “it was significant for a business of its scale to shift from company-owned premises into leased space, and represented a strong desire to create a truly cutting edge workplace in a high quality building.”

Dan Walker, Colliers Office leasing expert in North Sydney said this was typical of what Colliers’ was experiencing in the office market more broadly in the current climate, with tenants taking the opportunity to upgrade in building quality and amenity.

Colliers are also leasing the nearby Billbergia development at 88 Walker Street. Currently mid way through construction and due for completion toward the end of 2022, Billbergia will deliver a striking building that will rise 50 levels providing views of the city, harbour and the Blue Mountains.

Integral to the designer’s approach to the commercial floors (levels 25 to 48) was the maximisation of space and natural light, resulting in open plan layouts providing options of 560m whole floors, part floors or multi floors with interconnected Skylink access.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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