CapitaLand acquires stake in Greenwood Plaza, 101 Miller Street

Greenwood Plaza contains a 28 level Premium grade office.

Singapore listed CapitaLand Integrated Commercial Trust (CICT) has purchased a 50 per cent interest in North Sydney’s Greenwood Plaza and neighbouring office, 101-103 Miller Street.

The $422 million deal with Nuveen, a subsidiary of the Teachers Insurance and Annuity Association of America, is being struck at a 5.6pc passing yield.

Mirvac controls the balance.

Upper storeys of the tower include Sydney Harbour views.

Colliers’ Adam Woodward, Lachlan MacGillivray and James Barber with Knight Frank’s Ben Schubert and Tyler Talbot were the agents.

Greenwood Plaza

Greenwood Plaza at 36 Blue St includes a three level, 9245 square metre shopping centre with 98 retailers and 5.4 million annual customer visits.

The 28 storey 37,056 sqm Premium grade office has Opera House views.

There are also 531 car parks.

The hectare site – North Sydney’s largest commercial land holding – offers significant development upside (story continues below).

With acquisition fees ($4.2m) and other expense ($28.2m), CCIT is paying $454.4m.

Coupled with last month’s purchase of 100 Arthur St, North Sydney, and 66 Goulburn St in the CBD, the group controls $1.1 billion worth of assets in the city.

This accounts for c5pc of the company’s pro forma portfolio property value.

“We are pleased to acquire a 50pc interest in 101 Miller St and Greenwood Plaza, which is one of the most prominent integrated developments with a Premium grade office tower and high quality retail in North Sydney CBD,” CICT chief executive officer Tony Tan said.  

“The proposed acquisition marks another step forward in CICT’s portfolio reconstitution journey to drive sustainable growth and diversify income sources through accretive acquisitions and recycling capital to higher yielding assets,” he added.

“It will strategically augment our presence in Sydney, where we have embarked on acquiring 66 Goulburn St and 100 Arthur St,” according to the executive.

“The total investment…will provide CICT with a new engine of growth in a developed market with strong fundamentals, and the potential to ride on the city’s gradual recovery and rejuvenation in the mid to long term”.

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Marc Pallisco

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