Sun sets on North Sydney office
Singapore based Sun Venture is continuing to invest outside its home state, purchasing a North Sydney office for c$150 million.
Sunmer Capital was the vendor; with Prime Super, it picked up 50 Miller Street eight years ago then, in 2019, refurbished at a cost of more than $15m and re-let it.
Just over half the 10,427 square metre asset was leased to the United States Consulate General, which invested in a $119m fit out.
WeWork also moved in.
CBRE’s James Parry, Kenny Duncanson and Hugh Thompson with JLL’s James Barber, Luke Billiau and Simon Storry were the sales agents; the yield is understood to be c5.5 per cent.
The office is one of four in North Sydney with a Weighted Average Lease Expiry of over seven years, they said upon listing it two months ago.
The property is also a short walk to the Victoria Cross station, set to open in 2025 connecting the pocket to Martin Place in five minutes.
50 Miller Street
Sumner head of Property, Kirby Parsonage, said proceeds from 50 Miller St will be tipped into other investments.
“Having completed a major repositioning of the asset, we’ve identified that now is the right time to recycle the capital to invest in new opportunities amid ongoing demand for high quality North Sydney investment opportunities,” he added, in July (story continues below).
For Sun, a diversified fund manager, the acquisition comes seven months since it paid WeWork Capital Advisors $255.4m (£148m) for 120 Moorgate St, London.
Like 50 Miller St, that office spreads about 10,400 sqm.
The Singapore group made its maiden investment in the United Kingdom capital in mid-2020 – the One New Oxford retail and commercial complex, near Soho, which set it back $298.5m (£174m).
In December that year Sun outlaid $947m (£552m) for offices, 1 & 2 New Ludgate, off Fleet St.
That seller was Landsec.
The marketing agency was again CBRE.
Founded in 2006, the majority of Sun’s portfolio is in Singapore.
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