PBA divests another North Sydney office

The six level North Sydney office occupies a 1034 square metre site.

Syndicator Property Bank Australia and lender Security Capital Corporation have sold a North Sydney office after 10 years and a renovation.

The six storey building with 42 car parks on a 1034 square metre site at 51 Berry Street is trading to an Asia based investor for a speculated $60 million.

The Perth based sellers outlaid $15.6m.

Despite having just been modernised at a cost of $1.4m, PBA and SCC later carried out a major revamp.

The deal, being reported by The Australian, comes 14 months since PBA sold the seven level, 3442 sqm office next door (53 Berry St) to Western Sydney Wanderers chairman Paul Lederer (story continues below).

Property Bank Australia sold 53 Berry Street, North Sydney, in late 2020.

That price – $54m- reflected a 4.7 per cent passing yield.

It also represented a significant capital gain on the $19.75m PBA paid Charter Hall in 2013, before renovating.

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Marc Pallisco

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