PBA pays $15.6m for North Sydney office

Perth based Property Bank Australia has paid $15.6 million for another North Sydney commercial investment.

Its latest acquisition, a six-level office on a 1034 square metre block at 51 Berry Street returns annual rent of $1.4m, having recently undergone a major renovation.

Major tenant, ACE Limited, which has occupied space within the 3540 sqm building since new, recently signed a five year lease.

Adjacent to the North Sydney Commerce Centre, the asset also includes 42 car parks.

CBRE’s Simon Fenn with Chesterton International’s Bevan Kenny and Tyler Talbot were the sales agents.

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Marc Pallisco

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