50-miller-st-north-sydney-us-consulate-general
50 Miller Street in North Sydney is host to the American consulate and WeWork. Image: Supplied.
  • Asset is tenanted by US Consulate and WeWork
  • WALE is +7 years
  • Only four assets in North Sydney currently have a WALE over 7 years

Sumner Capital has put its North Sydney property on the market, with the 50 Miller Street property perhaps best known for being the home of the United States Consulate General (USCG).

Also tenanted by co-working company WeWork, the 10,427 square metre asset sale follows extensive upgrades made to the building in 2019, including over $15 million in base building capital works.

The A-grade building is marketed as an attractive long-WALE asset, with only three other assets in the North Sydney CBD boasting over 7 years WALE.

“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,” said Sumner Capital’s Kirby Parsonage.

CBRE‘s James Parry said the sale represents a rare opportunity, with no other assets featuring a +7 year WALE and a sub-$200 million lot size being offered to the market in North Sydney in the past five years:

“The ability to secure this style of asset will be highly attractive to a wide range of buyer groups, particularly in light of the AA+ rated USCG tenancy covenant. This is a first-generation, 12-year lease, which offers extremely strong retention potential due to the consulate’s specialised $119 million fit-out.”

JLL‘s James Barber said the asset is well located and benefits from public transport links:

“50 Miller Street is closely positioned to the future Victoria Cross Metro Station, which will be completed in 2023, resulting in travelling times of five minutes to Martin Place and three minutes to Barangaroo,” Mr Barber said.

The expressions of interest campaign closes on Wednesday 17 August 2022.

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