Barings picks up North Sydney office

Also today we are reporting Mirvac is selling two Melbourne CBD offices.

Barings has added another significant investment to its book, this time an A-grade North Sydney office.

The North Sydney office contains 12,615 square metres.

The US-based asset manager is speculated to be paying Mirvac $141 million for 40 Miller Street, at the north west corner of Blue, following a campaign launched last October.

The result would reflect a c16 per cent loss on the $168.3m book value at the time.

It also demonstrates a c8.5 per cent yield.

Developed by Mirvac in 1990, with 10 floors containing 12,615 square metres, the weighted average lease expiry was just over four years.

The lobby was recently refurbished.

Also today we are reporting Mirvac sold two Melbourne CBD offices to separate buyers for a total c$428m. With one of those deals, plans for it to develop a 31 level commercial building are off the table.

Barings reweighs

CBRE’s Michael Andrews, James Parry, Kenny Duncanson and Andrew Hunter closed an expressions of interest campaign for 40 Miller St last November (story continues below).

The city skyline view from 40 Miller Street.

The deal comes three weeks since we reported Barings sold a collection of Cheltenham, Melbourne, industrial properties, acquired with its 2022 takeover of Altis Property Partners, for c$65m.

Not long earlier the fund manager teamed with Rest to snare 12 industrial assets from Goodman.

Worth c$780m, that result reflects a bullish five per cent yield.

The assets are spread in Sydney and Melbourne.

In 2023 meanwhile, the pair paid Charter Hall $94.1m for a Catch backed warehouse in Melbourne’s Truganina.

That deal demonstrated a 4.7pc return.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of