Huge Linkage pays Dexus $273m for North Sydney office

The North Sydney office includes ground floor retail, part of which is fit out as a restaurant.

Hong Kong investor Huge Linkage has spent $273 million on a North Sydney office.

The deal with Dexus for 60 Miller Street is worth three per cent over the June 30 book value.

The purchaser owns other Sydney commercial property.

Settlement for the latest is expected in mid-2021 following Foreign Investment Review Board approval.

Built in 1987, the 17-level, A-grade office with ground floor retail contains 19,350 square metres of lettable area.

It is 97 per cent occupied with a Weighted Average Lease Expiry of 3.5 years (story continues below).

Covermore and Flight Centre are major tenants.

“The sale…supports the solid investment demand for quality office assets,” a statement from the vendor said.

It also “improves portfolio composition and enables us to organically fund growth in our development and funds management businesses, while preserving capacity for further capital management initiatives”.

Dexus chief investment officer Ross Du Vernet added the transaction “reinforces private market demand for quality office assets in Australia’s gateway cities”.

The office is three per cent vacant. Covermore and Flight Centre are major occupiers.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco